ED raids 15 locations in five cities including Jamshedpur during probe of a bank scam involving Rs 1393 crore
Ranchi: Federal probe agency Directorate of Enforcement (ED) on Thursday conducted raid at 15 locations across the country including steel city Jamshedpur of Jharkhand while probing a bank scam case involving Rs 1392.86 crore.
Apart from Jamshedpur, the raid locations include Delhi, Gurugram, Mahendragarh and Bahadurgarh.
It is worth noting that the CBI had exposed the bank scam of Rs 1392.86 crore. The investigating agency had registered an ECIR against nine companies including Delhi-based company Allied Strips, its three directors, Jamshedpur-based company Highco Engineers Limited in this case. which the ED is investigating the matter.
According to the information, Allied Strips had taken a loan of 931 crores from five banks. The loan amount was given to eight companies. Now the liability of the banks has increased to Rs 1392.86 crores.
Allied had also given Rs 7.50 crores to Highco Engineers Ltd., a steel manufacturing company of Adityapur Industrial Area of Jamshedpur, in the name of machine purchase. But neither did the company supply the machine nor did Allied Strips ask for the money back.
Allied took a loan of 356 crores from Canara Bank, Delhi, 202 crores from UK Bank, 167 crores from Oriental Bank of Commerce (now PNB), 136 crores from PNB and 70 crores from Bank of Baroda in the year 2000. Then it stopped paying EMIs. When the banks sent notices, the directors applied for revision of the loan amount in November 2012, stating that the company’s financial condition was bad. When the banks conducted a forensic audit, it was found that Allied Strips had transferred the loan amount to companies that were linked to Allied.
Companies associated with Allied were made guarantors and money was given to them. To deceive the banks, the directors of Allied Strips made those companies guarantors of which they themselves are shareholders. But forensic audit revealed that these companies were directly or indirectly owned by the directors of Allied. The company transferred the loan money to the guarantor companies that had its shares.
These have been made accused:
– Allied Strips Limited, Rohtak Road, West Delhi and its directors- Mohinder Agarwal, Gaurav Agarwal and Sunita Agarwal
– Shweta Agrochem, Kolkata
– Diksha Viniyog, Kolkata
– Suravi Comotrade, Kolkata
– Prominent Vyapar, Kolkata
– Chandramukhi Vanijya, Kolkata
– Sai Sahara Commercial, Kolkata
– Power 2 SME, Gurgaon, Haryana
– Hico Engineers, Adityapur, Jamshedpur
