The Enforcement Directorate (ED) on Thursday attached assets worth Rs 17.70 crores, held in the name of M/s ABC Cotspin Pvt Ltd and other related entities by PAO (Provisional Attachment Order) dated June 10, 2022.
ED had initiated investigations under Prevention of Money Laundering Act, 2002 (PMLA) against M/s ABC Cotspin Pvt Ltd and its director Ashish Sureshbhai Jobanputra and others, on the basis of the case registered by CBI, BS and FC, Mumbai against the accused and accomplices under Indian Penal Code (IPC) and Prevention of Corruption (PC) Act, wherein, it is alleged that M/s ABC Cotspin Pvt. Ltd., had defrauded State Bank of India (SBI) and Bank Of Baroda (BoB) to the tune of Rs. 804.49 Crore.
ED investigation revealed that the said company was availing bill discounting facilities from the above-mentioned banks against Letter of Credit of prime banks.
During the period 2014-15, the prime accused Ashish S Jobanputra without making any genuine exports, got prepared and signed the fake export documents and presented them to SBI and BoB.
Ashish Jobanputra got these fake export bills discounted from banks which remain unpaid and resulting in a major loss to the banks.
Now, ED has traced various properties held in the names of M/s ABC Cotspin Pvt Ltd and other related entities/persons and attached movable and immovable properties worth Rs. 17.70 crore. The total attachment in this case till date is Rs. 31.20 crore.
Further investigation is underway.
