Bank fraud: ED files charge sheet against Chandigarh-based company
A charge sheet has been filed against a Chandigarh-based company and its promoters who allegedly cheated a consortium of banks
A charge sheet has been filed against a Chandigarh-based company and its promoters who allegedly cheated a consortium of banks led by the Punjab National Bank (PNB), the Enforcement Directorate said on Saturday.
The charge sheet was filed before a special Prevention of Money Laundering Act (PMLA) court in Chandigarh against Kudos Chemie Ltd, Kudos Holdings Pvt Ltd and its directors Jitendra Singh and Gurmeet Sodhi on February 18, the agency said in a statement.
The case is based on an FIR filed by the CBI in April 2017 against the company and its directors on charges of "bank fraud with the consortium of banks led by PNB".
"Jitendra Singh and Gurmeet Sodhi, directors of M/s Kudos Chemie Ltd, prepared forged export bills and got them discounted with the banks fraudulently," the ED alleged.
"They also diverted loan funds to their related firm Kudos Holdings Pvt. Ltd (which is) a shell company and through round-tripping showed the diverted funds as their own capital and took more loans from the banks," it claimed.
According to the agency, the duo also used company loan funds for buying properties in individual names.
Immovable properties worth Rs 343 crore were attached by the ED in the case earlier.