Published On: Tue, Dec 22nd, 2020

ED attaches properties of various accused in IOC bank fraud case

New Delhi: The Enforcement Directorate (ED) on Tuesday said that it has attached properties to the tune of Rs 6.03 crore of various accused in connection with a case related to Buyers Credit Fraud of Rs 299 crore in a Chandigarh branch of the Indian Overseas Bank.

CBI also filed a charge sheet against the accused revealing the wrongful loss to the bank to the tune of Rs 299.14 crore

The properties, attached under the provisions of money laundering act, include FDRs of amounts of Rs 56.65 lakh of Supriya Kataria and her husband Sunil Kataria, a residential flat of Supriya Kataria, land measuring 10 kanal and 16 marle of Prenda Creations Pvt Ltd at Ludhiana, plot measuring 999 square yards at Ludhiana of Aishna Kirpal, plot measuring 7,260 square yards at Ludhiana of Radhika Kirpal, residential property comprising of first floor at Uppal’s Southend Sector 48 and 49, Gurugram of Ankita Maingi and two FDRs of Rs 1 lakh each in the name of Dreamheight Homes Pvt Ltd and Global Printlink Graphics Pvt Ltd in the ICICI Bank.

The ED initiated the probe on the basis of the CBI case against Ashu Mehra, Assistant Manager, Indian Overseas Bank, Amanpreet Singh Sodhi, proprietor of Heights International, Dinesh Kumar, proprietor of Vision Procon, Gaurav Kirpal and Aman Kirpal both Directors of Saibhakti Impex Pvt Ltd and others.

The CBI also filed a charge sheet against the accused revealing the wrongful loss to the bank to the tune of Rs 299.14 crore on account of the fraudulent unpaid LOUs and that further, amount of Rs 11.36 crore commission for 24 LOUs which was also not received by the bank.

The CBI alleged that there were lapses on the part of Anil Kumar, PC Rana and N Chokalingam, Branch Managers of IOB as well as on the concurrent auditors.

It was further alleged that payments for the air travels and hotel stays of the accused Ashu Mehra and his family members was borne by accused Dinesh Kumar and Gaurav Kirpal.

“During probe it has been revealed that the accused Amanpreet Singh Sodhi, Dinesh Kumar and Gaurav Kirpal conspired with accused Ashu Mehra for illegal diversion of funds to the bank accounts of fraudulent buyers on behalf of Indian import firms,” the ED said.

The ED claimed that these amounts were first credited by the overseas funding bank — Bank of Baroda, Bahamas and PNB, Dubai into the HSBC Account of the Hong Kong-based export company Colour Wave (HK) Ltd, though no imports took place.

“The accumulated amount in the HSBC Account of Colour Wave (HK) Ltd were further remitted to India in the accounts of accused firms by showing it as adjustments for exports of third-party payments,” it said.

It also revealed that, the goods were either exported by the accused to different buyers by resorting to gross over-valuation or in some cases, there was no export.

The ED said that in this manner, the accused have generated the proceeds of crime by resorting to trade-based money-laundering.

Earlier, ED has attached assets of the accused totalling to Rs 85.15 crore, and with the latest action, the value of the total attachment goes up to Rs 91.08 crore.

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