In connection with a case of bank fraud, ED has provisionally attached properties worth 24.94 Crore of M/s Pure Milk Products Private Limited, a Ludhiana-based company.
Reetu | Jul 1, 2023 |
ED provisionally attached properties worth Rs.24.94 Crore in case of Bank Fraud under PMLA Act
In connection with a case of bank fraud, the Directorate of Enforcement (ED) has provisionally attached properties worth 24.94 Crore of M/s Pure Milk Products Private Limited, a Ludhiana-based company, Charanjit Singh Bajaj and Smt. Gurdeep Kaur, both Directors/Guarantors of M/s Pure Milk Products Private Limited.
The properties attached include M/s Pure Milk Products Private Limited’s land and building, as well as plant and machinery, located at village Alamgir, Malerkotla Road, Ludhiana, Punjab, and various immovable properties in the names of Charanjit Singh Bajaj and Smt. Gurdeep Kaur, both Directors/Guarantors of M/s Pure Milk Products Private Limited, also located in Ludhiana.
ED initiated an investigation under the provisions of the Prevention of Money Laundering Act, 2002 on the basis of a FIR registered by CBI in 2019 based on a complaint filed by State Bank of India against M/s Pure Milk Products Private Limited and its Directors/Guarantors for forgery, cheating, and other offences, as well as misappropriation of a loan amount of Rs.60.74 Crore. A chargesheet has been filed by the CBI before the CBI special court, Mohali
Investigation conducted by ED revealed that M/s Pure Milk Products Private Limited had fraudulently availed loans from State Bank of India by forging of books of accounts and diverted the loan amount availed so, by using various modus operandi viz. making payments to non-existing/ paper firms/companies, purchasing immovable properties in the names of the Directors/ Guarantors of M/s Pure Milk Products Pvt. Ltd., transferring the amount to its sister concerns, appropriation of amounts towards the interest payable and re-payments of car loans etc.
ED had earlier conducted search action in this case on 27.12.2022 at 11 different locations in Punjab which led to recovery and seizure of property related documents, mobile phones, gold coins & Indian currency totaling to Rs.1.15 Crore.
More investigation is being conducted.
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