In a significant development, the Enforcement Directorate (ED) has taken action by attaching properties valued at Rs 45.23 crore in connection with an alleged bank fraud case involving Associate High Pressure Technologies Pvt Ltd (AHPTL), a private organization.
The attached properties comprise a substantial land parcel worth Rs 37.39 crore situated in Gujarat’s Anjar district and three flats valued at Rs 7.84 crore in Mumbai, belonging to the company’s promoters – Ramchand Kotumal Issrani, Mohamed Farouk Suleman Darvesh, and Manoharlal Satramdas Agicha.
The ED’s move follows the initiation of an investigation based on an FIR filed by the Central Bureau of Investigation (CBI). The complaint, filed by the Union Bank of India, accuses AHPTL of defrauding the bank and causing a wrongful loss of Rs 149.89 crore.
The investigation uncovered that a significant portion of the loan amount received from the Union Bank of India was diverted through various illicit means. These included the use of bogus Letters of Credit, unsecured loans to related entities, outstanding export proceeds, bogus commissions to associated entities, and other deceptive methods.
As part of the probe, the ED conducted 12 searches in Mumbai, Gandhidham, and Pune. Subsequently, a prosecution complaint has been filed by the ED, naming Ramchand Kotumal Issrani and AHPTL as the accused parties in the case.
This latest development adds to the ongoing scrutiny of financial irregularities and fraudulent activities within the corporate sector, underscoring the need for stringent measures to curb such practices and protect the interests of financial institutions.