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Raipur businessman in ED's dragnet

By IndianMandarins- 05 Mar 2021
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New Delhi (05.03.2021): The Directorate of Enforcement (ED) has provisionally attached assets worth Rs. 31.83 Crore of Shubhash Sharma and his Group Companies under the prevention of Money Laundering Act, 2002 (PMLA) in a bank fraud case. 

This was done following investigations on the basis of FIRs registered by Chhattisgarh Police against Hotel Sapphire Inn, Goodluck Petroleum Company Pvt. Ltd. and Vidit Trading Pvt. Ltd. for fraudulently obtaining the loan to the extent of Rs. 38.50 Crore on the basis of forged documents, concealment of facts, and criminal conspiracy.

These loans/credit limits were availed by Hotel Sapphire Inn, Goodluck Petroleum Company Pvt. Ltd., and Vidit Trading Pvt. Ltd. from Axis Bank and Punjab National Bank at  Raipur.

Investigations revealed that Subhash Sharma conspired to divert loans taken in the name of his companies to other companies in the form of loans and advances. The majority of the loan funds taken by his companies were diverted by way of transfer to other associate companies. Proceeds of Crime to the tune of Rs. 29.65 Crore generated out of the loan account of Hotel Sapphire Inn, Goodluck Petroleum Company Pvt. Ltd., and Vidit Trading Pvt. Ltd. were utilized for the creation of assets in Ferro Alloys Unit of Chhattisgarh Steel and Power Ltd. during his period of association with this company. This was done by way of acquiring corresponding shares in the name of his shell companies which were used for routing of funds only. In this regard, the plant and machinery of the Ferro Alloys Unit of M/s Chhattisgarh Steel and Power Ltd valuing to the extent of Rs. 29.65 Crore have been provisionally attached.

Similarly, the piece of land located at Village Purena, Raipur valuing Rs. 2.18 Crore in the name of Saumya Prakashan Pvt. Ltd, another shell company, has also been provisionally attached. .

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