AHMEDABAD (India CSR): The Directorate of Enforcement (ED), Ahmedabad Zonal Office, has filed a Prosecution Complaint under the Prevention of Money Laundering Act (PMLA) against M/s Anil Nutrients Ltd, its director Amol Shripal Sheth, and six other accused persons/entities in a case linked to an alleged Rs. 47.88 crore bank fraud involving Bank of India.
According to the ED, its money-laundering investigation began on the basis of an FIR registered by the Central Bureau of Investigation’s Special Investigation Cell-I, New Delhi, against M/s Anil Nutrients Limited and others. The FIR invoked provisions relating to criminal conspiracy and cheating under the Indian Penal Code, 1860, along with provisions of the Prevention of Corruption Act, 1988.
The agency said the CBI, after completing its investigation, filed a chargesheet against Amol Shripal Sheth, Managing Director of M/s Anil Nutrients Ltd, and seven others before the Court of the Additional Chief Judicial Magistrate, CBI, Ahmedabad, Gujarat.
The chargesheet was filed under Sections 120-B and 420 of the IPC, the ED release stated.
The ED alleged that M/s Anil Nutrients Ltd and its director defrauded Bank of India of Rs. 47.88 crore by diverting or siphoning bank funds to sister-concern companies without genuine business transactions. The agency alleged that sham transactions were used to divert substantial sums to group entities and inflate the turnover of group companies.
According to the release, loans were allegedly obtained from banks with an intention to cause wrongful loss to the bank and wrongful gain to the accused. The ED alleged that loan amounts were diverted or siphoned off on the basis of bogus and sham transactions.
During the PMLA investigation, the ED conducted searches at premises linked to Amol Shripal Sheth and other persons associated with the Anil Group of companies. The agency said it recovered crucial evidence relating to properties that had not been mortgaged with banks.
The ED has also issued a provisional attachment order for immovable properties valued at Rs. 5.39 crore in the case. Further investigation is ongoing, the agency said.
