A senior private company official was sent to Enforcement Directorate (ED) custody for ten days here today, for allegedly taking Rs 410 crore loan from the Punjab National Bank (PNB) fraudulently, an ED official said here today.
A special court sent Zoom Developers' Secretary Sharad Kabra (53) to ED custody for ten days under the Prevention of Money Laundering Act (PMLA), after the agency sought his remand following his arrest yesterday, the ED official said.
The official alleged that Kabra used forged documents to withdraw loans for foreign projects worth Rs 410 crore, but the company used the money for other purposes and failed to repay the loan to PNB, adding that the ED had booked Kabra in February this year.
The official said that Zoom Developers is facing the heat after withdrawing a whopping Rs 2,650 crore fraudulently from 26 banks.
The CBI has already booked the company for fraud, he said.
