Loan fraud: ED attaches assets worth ₹68.77 crore of Usher Agro firm in Mumbai

The Mumbai firm’s MD was arrested on September 17 under the Prevention of Money Laundering Act (PMLA) for allegedly siphoning of ₹915.65-crore bank loan

The Enforcement Directorate (ED) has provisionally attached assets worth ₹68.77 crore of Mumbai-based firm Usher Agro and its group companies as well as its managing director Vinod Chaturvedi and others in an alleged bank fraud case. The seizures include immovable assets of ₹53.46 crore and movable assets worth ₹15.31 crore, the agency stated on Friday.

“Further investigation has revealed that the promoters of Usher Agro in Mumbai had formed 15 shell companies and carried out bogus transactions with the firms,” an ED statement read. (HT FILE)

Chaturvedi was arrested by ED on September 17 under the Prevention of Money Laundering Act (PMLA) for allegedly siphoning of ₹915.65-crore bank loan.

The money laundering case against Chaturvedi is based on the first information report (FIR) lodged by the Central Bureau of Investigation (CBI) in January 2019 against Usher Agro Ltd, Chaturvedi, Manoj Pathak and others. It has been alleged in the FIR that the group had taken a loan from a consortium of banks and siphoned of the amount.

“During investigation, the proceeds of crime have been quantified to the tune of ₹915.65 crore. Further investigation has revealed that the promoters had formed 15 shell companies and carried out bogus transactions with the firms. Also, the group companies have carried out bogus transactions with DHFL’s (Dewan Housing Finance Corporation) group companies,” an ED statement read.

In 2019, Mumbai Police’s economic offences wing (EOW) had also arrested Chaturvedi in connection with another fraud case in which he had allegedly availed loan from a foreign bank by submitting forged documents.

More assets of the accused and the company are likely to be seized in the future, ED sources said.