The Enforcement Directorate (ED) has filed a prosecution complaint with special court for PMLA at Mohali under the Prevention of Money Laundering Act (PMLA), 2002, against Snehal Enterprises, related persons/entities, bank official and one government official involving in relation to a bank fraud case of ₹56.43 crore.
ED spokesperson stated that the agency initiated investigation on the basis of various FIRs registered by the CBI and the Punjab Police under various sections of the IPC, 1860, and the Prevention of Corruption Act, 1988.
ED probe revealed that Snehal Enterprises, which was hypothecated with the bank, had reportedly indulged in fake circular banking transactions with its related entities without any movement of goods, for credit summation and inflation of turnover to avail credit facilities from the Punjab National Bank with the help of bank official, which was diverted to sister concerns/other related entities and also withdrawn in cash.
“During the investigation, it was revealed that the accused, through various middlemen and other business associates, had siphoned off the loan funds through multiple layering and ultimately utilised it for their personal purposes,” the agency said.
Earlier, immovable properties, belonging to Snehal Enterprises and related individuals and entities to the tune of ₹27.55 crore were attached on February 28 last year.
{{/usCountry}}Earlier, immovable properties, belonging to Snehal Enterprises and related individuals and entities to the tune of ₹27.55 crore were attached on February 28 last year.
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