The enforcement directorate has filed a prosecution complaint (PC) before the special court (PMLA), Mohali, in a money laundering case related to a bank fraud of ₹62.13 crore against five persons, including the managing director (MD), of a food processing company in Punjab.
An ED official said that the PC was filed against five persons associated with Pure Milk Products Private Limited (PMPPL), including MD Charanjit Singh Bajaj.
The ED had initiated an investigation based on an FIR registered by CBI in 2019, following a complaint lodged by the State Bank of India against the firm for forgery, cheating, other offences and misappropriation of loan amount to the tune of ₹62.13 crore. The CBI had already filed a chargesheet in this regard before the CBI special court, Mohali.
The ED investigation revealed that M/s PMPPL did not use the loan for the intended purpose for which it was granted and Charanjit Singh Bajaj, MD of M/s PMPPL, diverted the proceeds of crime (PoC) through various shell entities.
Further PoC to tune of ₹37.82 crore was diverted to various related entities using fraudulent methods, the probe revealed.
{{/usCountry}}Further PoC to tune of ₹37.82 crore was diverted to various related entities using fraudulent methods, the probe revealed.
{{/usCountry}}The ED had previously conducted search at 11 different premises which led to the recovery of ₹1.14 crore and gold. Earlier, the ED had also attached immovable properties worth ₹24.94 crore.