The Enforcement Directorate has arrested Ashish Jhunjhunwala, Director, M/s Ramsaroop Industries Limited, Kolkata in a Rs 184.43 crore bank fraud case. The arrest was made on Saturday under the Prevention of Money Laundering Act, 2002.
On the day he was arrested, ED officials conducted a search operation at five places in Kolkata and seized incriminating documents.
Sources said that the central agency probing financial crimes is probing the case from the angle of money laundering. The FIR in this case was initially registered by the Central Bureau of Investigation in June 2017.
According to sources, Union Bank of India had filed a complaint against the company for fraud and transfer of loan amount to the company’s account. The CBI had registered a case against Ashish Jhunjhunwala, Naveen Gupta, Ayush Lohia, Lalit Mohan Chatti and Bimal Jhunjhunwala. All the firms have directors. The general manager of a bank and other private persons were also named in this case.
It is alleged that the directors availed credit facilities from United Bank of India under a criminal conspiracy.
In a related development, the ED has temporarily attached assets worth Rs. 42.36 crores relating to the directors of M/s Shree Mahalaxmi Corporation Pvt Ltd. Ltd., a Kolkata based company, in a bank fraud case under PMLA, 2002.
Located in Moira Street, Kolkata, the firm is engaged in manufacturing and exporting a wide range of Iron Steel and allied products.
In 2017, the CBI had registered a case against Shree Mahalaxmi Corporation Pvt Ltd and two of its directors for misappropriation of funds, as they had taken several loans from State Bank of India for business.