The Enforcement Directorate (ED) said on Monday that it has arrested Vinod Chaturvedi, the Managing Director of Mumbai-based Usher Agro Limited, in a money-laundering probe that is connected to an alleged bank fraud. Chaturvedi was arrested on September 17 in a case of "cheating and siphoning off bank loans".
The ED's investigation is based on a First Information Report (FIR) filed by the Central Bureau of Investigation (CBI) against Usher Agro Limited, its key officials Vinod Kumar Chaturvedi, Manoj Pathak and others in January 2019, India Today reported. Usher Agro has been accused of taking loans from a consortium of banks and later siphoning off the funds.
"During investigation, proceeds of crime has been identified and quantified to the tune of Rs 915.65 crore. Further, investigation revealed that promoters has formed 15 shell companies and had carried out bogus transactions with these shell companies," ED said in a statement.
The federal probe agency explained that a special Prevention of Money Laundering court in Mumbai on September 18 had sent Chaturvedi to five days in ED custody.
The agency has claimed that during the investigation, Vinod Chaturvedi was non-cooperative and did not divulge any information.
Officials stated that Usher Agro and other group companies were also involved in alleged bogus transactions with Dewan Housing Finance Corporation Limited (DHFL) group companies.
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