New Delhi, Sept 29 (UNI) The Enforcement Directorate’s (ED) Bhopal Zonal Office has filed a chargesheet against Ranjeet Automobiles Pvt Ltd, Ranjeet Motors Pvt Ltd, and others before the Special Court (PMLA) in Bhopal.
The court has taken cognisance of the money laundering offence.
Earlier, the ED had provisionally attached immovable property in Bhopal, valued at Rs. 27.30 crore, under the Prevention of Money Laundering Act (PMLA). The ED initiated its investigation based on an FIR registered by the Central Bureau of Investigation (CBI), STB, Bhopal, under various sections of the Indian Penal Code, 1860. The CBI subsequently filed a chargesheet against several individuals.
The ED investigation revealed that the accused persons defrauded the Bank of Baroda of Rs. 34.36 crore by availing a Cash Credit Limit. The investigation found that the accused initially secured a cash credit limit of Rs. 7.50 crore in 2010 using mala fide tactics. This limit was gradually increased to Rs. 42 crore by 2015.
The investigation further revealed that funds meant for business purposes were diverted to sister concerns. These diverted funds were then used to acquire the attached property and repay a loan taken for its development. Further investigation into the matter is ongoing.
