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ED: Properties attached, Kudos Chemie face prosecution in Rs 2,000-cr PNB fraud case

By IndianMandarins- 20 Feb 2021
1020

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New Delhi (20.02.2021): Kudos Chemie Limited and Kudos Holdings Pvt Ltd and its directors, Jitendra Singh and Gurmeet Sodhi, will be prosecuted in a Rs 2,000 PNB loan default case in the Ld. Special Court (PMLA), Chandigarh under the Prevention of Money Laundering Act, 2002 on 18.02.2021. the immovable properties amounting to Rs. 343 crores of the accused stand attached.

The Directorate of Enforcement (ED) has filed a prosecution complaint against them after investigating on the basis of a CBI FIR No. RCBD1/2017/E0002 dated 07.04.2017 registered u/s 120-B r/w 420,467, 468 & 471 of IPC, 1860 for bank fraud with the consortium of banks led by Punjab National Bank. 

The ED's investigation revealed that Jitendra Singh and Gurmeet Sodhi, directors of Kudos Chemie Ltd, prepared forged export bills and got them discounted with the banks fraudulently. They also diverted loan funds to a related concern and shell company Kudos Holdings Pvt. Ltd. and through round-tripping showed the diverted funds as their own capital and took more loans from the banks. The Directors of the company also used company loan funds for buying properties in individual names.

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