 "Frauds, Fraud investigation")
The Serious Fraud Investigation Office (SFIO) has arrested three people in connection with its probe into the affairs of Jagat Agro Commodities Pvt Ltd after finding that they indulged in fraudulent activities and diverted funds borrowed from banks, including Punjab National Bank.
Satish Kumar Pawa, promoter and shareholder; Saurav Aggarwal, son of promoter; and Suhas S Paranjpe, statutory auditor; have been arrested by the probe agency.
The three individuals were arrested after it was revealed that they were guilty of indulging in serious corporate fraud punishable under the companies law, an official release said on Friday.
"They have falsified the financial statements over a period of three years by inflating their stock position and falsely induced banks to lend on the strength of the falsified financial statements. The company borrowed funds from public banks viz. SBoP and PNB and diverted/ siphoned through various channels," the release said.
The ministry asked SFIO to probe the case based on an order passed by the National Company Law Tribunal.
They were produced before the court of Competent Jurisdiction in Delhi and transit remand orders were obtained for producing them before the Special Court (Companies Act, 2013), Mumbai. The additional session judge, Mumbai, has remanded all the three accused in SFIO custody till March 1, the release said.
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