38.6c New Delhi, India, Friday, October 03, 2025
Top Stories Supreme Court
Political NEWS Legislative Corner Celebstreet International Videos
Subscribe Contact Us
close
Business

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
About:


Leave a feedback about this
TRENDING NEWS


TOP STORIES

sc-allows-manufacturing-of-green-crackers-in-delhi-subject-to-no-sale
Trending Judiciary
SC allows manufacturing of green crackers in Delhi, subject to no sale

SC allows certified manufacturers to produce green crackers in Delhi, but bans their sale in NCR till further orders, balancing pollution and livelihoods.

27 September, 2025 01:23 AM
kerala-hc-directs-comprehensive-snakebite-prevention-guidelines-for-schools
Trending Judiciary
Kerala HC Directs Comprehensive Snakebite Prevention Guidelines For Schools [Read Order]

Kerala High Court directs comprehensive snakebite prevention and management guidelines for schools, ensuring safety, awareness, and emergency response.

30 September, 2025 08:46 PM
sc-orders-two-judicial-officers-to-go-for-seven-days-training-for-flawed-bail-order
Trending Judiciary
SC orders two judicial officers to go for seven days training for flawed bail order [Read Judgment]

Supreme Court quashes flawed bail order, directs two Delhi judges to undergo 7-day special training on judicial conduct and bail rulings.

30 September, 2025 09:58 PM
sc-seeks-reply-from-iit-delhi-kharagpur-on-plea-to-transfer-student-due-to-mental-health-condition
Trending Judiciary
SC seeks reply from IIT Delhi, Kharagpur on plea to transfer student due to mental health condition [Read Order]

SC seeks reply from IIT Delhi & Kharagpur on plea for transfer of B Arch student citing mental health needs, AIIMS proximity & Article 21 rights.

30 September, 2025 11:22 PM

ADVERTISEMENT


Join Group

Signup for Our Newsletter

Get Exclusive access to members only content by email