Enforcement Directorate (ED) has attached movable properties comprising 6170 Road vehicles worth Rs. 1609.78 crore of Sidhi Vinayak Logistics Ltd (SVLL), against proceeds of crime of Rs. 1590 Crores in a bank fraud case under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA).
Investigation under PMLA was initiated on the basis of FIR registered by CBI against Rupchand Baid along with other directors of SVLL in a criminal conspiracy to cheat the Banks.
"Investigation made so far revealed that the loans were availed on the basis of forged/fabricated documents and in the name of employees and drivers, who were kept in dark by SVLL," read a press release from ED.
The investigation also revealed that Baid routed these loans through accounts of various related entities. Earlier, ED provisionally attached moveable and immovable assets of worth Rs. 19.6 Crores in June 2017, it read.
Investigation under PMLA revealed that the funds were raised from banks in form of loans/credit facilities under various schemes including one "Chalak se Malak" scheme, wherein, loans were availed in the name of drivers, employees of SVLL for purchase of old/new road vehicles.
"The said loans were not used for the intended purpose and were routed through the accounts of M/s SVLL and its related entities and finally were diverted for personal gains, company expenses and repayment of old pending loans. It is also established that Shri Rupchand Baid, Director of M/s. SVLL played the role of the main conspirator," it read.
ED has been carrying out investigations under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 for unearthing the properties acquired by the accused in the case out of the loans/credit facilities availed from the banks.
Further investigation is in progress in this case.