The ED has attached assets worth over Rs 5 crore in connection with an alleged bank loan fraud and money laundering probe against a Rajasthan-based gems exporting firm, the agency said on Wednesday.
The attached assets are four immovable properties valued at Rs 3.80 crore -- three residential-cum-business houses in Jaipur, a flat located in a posh locality in Mumbai -- and fixed deposits of Rs 1.31 crores in SBI, Jaipur.
A provisional order for attachment of these assets, worth a total Rs 5.11 crore, of Shanti Kumar Chordia, Umrao Mal Chordi and Nayantara Chordia of Vipul Gems Pvt Ltd, has been issued by the agency under the Prevention of Money Laundering Act (PMLA).
The alleged fraud was perpetrated against Bank of Baroda (BoB) at its Nehru Place branch in Jaipur.
"These entities had cheated the bank and also dishonestly and fraudulently with criminal intention prevented the bank from recovering the loan amount. Thus, bank has suffered a loss of about Rs 30 crore towards advance given to the these borrowers plus interest and other charges," the agency said in a statement.
Probe revealed that three entities -- Vipul Gems Pvt Ltd, Vipul Gems and K V Exports -- were engaged in export of precious stones.
These entities had taken packing credit, that is advance for purchase of raw material, to meet export related expenses and PSDL (post shipment demand loan) to the tune of Rs 29 crore from the BoB during 2006-07.
"It was revealed that for availing credit facilities forged and fabricated export orders were submitted. The amounts released were not used for business purposes but was diverted."
"The bills remained outstanding for the purported exports made by these companies," it said.
The foreign buyers had either returned the goods, made payments directly to the borrowers or had not at all received the goods, the probe found.
These entities also opened new current account in the name of Gems International and transferred some of the loan advance on account of PC and PSDL to this account.
"In this way, the funds were diverted and misappropriated by these entities. Investigation revealed that the borrowers had systematically and with criminal intention diverted and misappropriated the funds for settling their personal dues and old dues with previous bank (SBBJ) and not utilised them for the purpose for which they were borrowed," the ED alleged.
The federal agency has filed a charge sheet in this case in 2017 before a special PMLA court in Jaipur after it attached a bungalow worth Rs 1 crore in Jaipur's Shyam Nagar area.
Investigation in the case is ongoing, it said.