ED seizes ₹19.5 lakh in cash in bank loan fraud case searches
The Enforcement Directorate (ED) conducted searches in Mumbai and other cities related to a bank loan fraud case involving Shree Shiv Parvati Sakhar Karkhana Limited. Seized cash, documents, and devices in the investigation.
MUMBAI: The Enforcement Directorate (ED) conducted searches at multiple locations in Mumbai and other cities across the state as part of its money laundering investigation into an alleged bank loan fraud involving the Beed-based co-operative sugar factory, Shree Shiv Parvati Sakhar Karkhana Limited, Hitech Engineering Corporation India Pvt. Ltd, and their directors, Nandkumar Tasgaonkar, Sanjay Awate, and Rajendra Ingawale. During the searches in Pune, Baramati, and Karjat, as well as Mumbai, the ED seized ₹19.5 lakh in cash, various documents, and digital devices.
The ED’s investigation stemmed from a First Information Report filed by the Central Bureau of Investigation (CBI), Economic Offences-1, New Delhi, against Shree Shiv Parvati Sakhar Karkhana Limited, its directors, and others for allegedly falsifying accounts and forging documents to gain unlawfully. The CBI’s case, registered in March 2023, was based on a complaint from the Punjab National Bank, Mumbai, alleging a wrongful loss of ₹98.54 crore to the banks under the Indian Penal Code and the Prevention of Corruption Act.
The ED’s investigation revealed that Shree Shiv Parvati Sakhar Karkhana Limited (SSPSKL) allegedly obtained a ₹100-crore loan from banks but failed to contribute its share of ₹71.19 crore for a project, which was a condition for securing the loan, according to agency sources.
Through its directors and sister concerns, including Tasgaonkar Construction Ltd, Tasgaonkar Industries Ltd, and its associate, Hitech Engineering Corporation India Pvt. Ltd, a significant portion of the loan funds was allegedly diverted, causing a loss to the exchequer and corresponding gains to the accused, sources said.