38.6c New Delhi, India, Wednesday, June 19, 2024

Bank Fraud: ED Attaches Assets Worth Rs. 107 Crores Of Kolkata Based Firm In Money Laundering Case

By LawStreet News Network      22 January, 2020 02:01 PM      0 Comments
Bank Fraud: ED Attaches Assets Worth Rs. 107 Crores Of Kolkata Based Firm In Money Laundering Case

The Enforcement Directorate (ED) has attached assets worth Rs. 107 crores of a Kolkata firm called Fair Deal Suppliers because of its role in money laundering in a bank fraud case. The assets include a land and a building in Coimbatore, an office building, a farm house, a bungalow in Ahmedabad and seven fixed deposits under the Prevention of Money Laundering Act, 2002 (PMLA). The total worth of these properties are Rs. 107.73 crores.

The ED said, “The firm and its directors Ram Prasad Agarwal, Narayan Prasad Agarwal, Pawan Kumar Agarwal and Saurabh Jhunjhunwala and others were booked by it after studying a CBI charge sheet filed against them for "defrauding" a UCO Bank flagship corporate branch in Kolkata.”

ED has found that the Fair Deal Suppliers used various facilities from UCO bank under false stock statements and defrauded them. In this regard, the ED said, “The company did not route the sale proceeds of coal import imported under the FLCs through the bank, resulting in accumulation of letters of credit." "The funds were diverted for other purposes, thereby defrauding the bank to the tune of Rs. 231.95 crore,"

They further said, “The company "directed" buyers of coal to remit sale proceed of the imported coal to other accounts. The buyers of coal deposited the sale proceeds in the accouunts other than accounts of Fairdeal Supplies Ltd. From these accounts, the funds were further diverted to acquire assets.” The investigation in the matter is still going on.

Author: Aditi Dubey

Share this article:

User Avatar

Leave a feedback about this

Trending News Updates
Jain Community dresses up as Muslims to buy 124 Goats , saves them from Bakrid slaughter

Jain community in Delhi raises Rs 15 lakh, dresses as Muslims to buy and rescue 124 goats from Bakrid slaughter, garnering praise and attention.

18 June, 2024 01:19 PM
Trending International
Thailand passes Bill to legalise same-sex marriage

Thailand’s lawmakers approve a marriage equality bill, setting the stage for the country to become Southeast Asia’s first to legalize same-sex marriage.

18 June, 2024 04:51 PM


Trending CelebStreet
Karan Johar moves Bombay High Court against film ‘Shaadi Ke Director Karan Aur Johar’

Karan Johar files a lawsuit in Bombay High Court against the film “Shaadi Ke Director Karan Aur Johar,” seeking to prevent the use of his name in the title.

13 June, 2024 12:01 AM
Trending Judiciary
Conspired to transform India into an Islamic country by 2047: Bombay HC denies bail to 3 Islamists PFI members [Read Order]

Bombay High Court denies bail to three PFI members accused of plotting to turn India into an Islamic state by 2047, citing strong evidence and risk of tampering.

13 June, 2024 12:37 AM
Trending Judiciary
Delhi HC refuses to stay NEET-UG admissions counselling, over paper leak allegations

Delhi High Court refuses to stay NEET-UG 2024 counselling amidst allegations of irregularities.

13 June, 2024 12:48 PM
Trending Judiciary
Centre to hold re-test for 1563 candidates awarded grace marks in NEET UG, 2024 [Read Order]

Centre to hold re-test for 1563 candidates awarded grace marks in NEET UG 2024. Date for re-test to be notified on June 13, results by June 30.

13 June, 2024 01:39 PM


Join Group

Signup for Our Newsletter

Get Exclusive access to members only content by email