On Tuesday, the Enforcement Directorate (ED) took legal action by filing a prosecution complaint against M/s Laxmi Corrugated, its partners Dinesh Kumar Tripathi and Radha Dinesh Kumar, along with others, in connection with a case of bank loan fraud amounting to Rs 1.45 crore.
The ED's involvement in this matter was initiated following the registration of an FIR by the Central Bureau of Investigation (CBI) in Goa. The CBI's FIR invoked various sections of the Indian Penal Code (IPC) and the Prevention of Corruption Act, of 1988.
The allegations outlined in the FIR encompassed criminal conspiracy and the provision of various credit facilities and loans through the use of counterfeit and falsified documents. These illicit actions ultimately resulted in the misappropriation of funds among the accused parties, leading to a substantial financial loss amounting to Rs. 1.45 crore for Allahabad Bank. Additionally, the partners of the firm are accused of deceiving the bank with the complicity of one of its officials who held the position of branch manager at the time.
The bank official in question, identified as Vishal Kumar, faces charges related to approving the loan amount for the company and even submitting counterfeit documents to divert the funds to Laxmi Corrugated. Together, they manipulated the system by securing an MSME loan through fraudulent means. This involved the submission of false net worth certificates, the presentation of fabricated machinery quotations, and the use of other deceptive documents. As a result, they were able to secure an MSME term loan of Rs. 90.5 lakh and a cash credit of Rs. 45 lakh from the bank.
The ED's recent action follows its earlier decision to attach assets belonging to the company, with a total value of Rs 1.67 crore. These assets include commercial plots, buildings, machinery, and other items located in Cuncolim, Goa. Additionally, movable assets such as a car and bank deposits were seized as part of the ongoing investigation process.
