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ED registers PMLA case in Simbhaoli Sugars Limited bank fraud
The Enforcement Directorate (ED) on Thursday registered a money laundering case in connection with the Simbhaoli Sugars Limited alleged bank loan fraud.
New Delhi : The Enforcement Directorate (ED) on Thursday registered a money laundering case in connection with the Simbhaoli Sugars Limited alleged bank loan fraud.
The case has been registered under the Prevention of Money Laundering Act (PMLA).
Oriental Bank of Commerce has alleged that directors of Simbhaoli Sugar Mill have defrauded Rs 109 crore.
The Enforcement Directorate has also asked the bank to submit additional documents in connection with the case.
Faced with a CBI probe for alleged loan fraud, the Simbhaoli Sugars earlier this week had said it was committed to clear its outstanding dues to the Oriental Bank of Commerce in "due course of time" in consultation with all the lenders.
The Central Bureau of Investigation (CBI), earlier on February 22, had booked Gurpal Singh, son-in-law of Punjab Chief Minister Captain Amarinder Singh, and 12 others including Mann, Rao, Tapriya, executive director Gursimran Kaur Mann and other company officials along with some bank officials in connection with the same bank fraud.
It has been alleged that the company had diverted funds for personal use. The account turned Non-Performing Asset (NPA) on March 31, 2015 and was later declared as an alleged fraud by the bank to the Reserve Bank of India (RBI) on May 13, 2015 for an amount of Rs 97.85 crore.
