Bank Fraud Case: In a significant development, the Enforcement Directorate (ED) in Hyderabad has taken action by attaching an immovable property valued at Rs. 70 lakh under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. This move comes in connection with a bank fraud case involving M/s Jasleen Enterprises based in Hyderabad.
The investigation initiated by the ED stems from a First Information Report (FIR) lodged by the Central Bureau of Investigation (CBI), Economic Offence Wing (EOW), Chennai, under various sections of the Indian Penal Code (IPC), 1860, and the Prevention of Corruption (PC) Act, 1988. The complaint was filed by the Union Bank of India, alleging the diversion of a loan amounting to Rs. 12 crore.
ED’s investigation uncovered that M/s Jasleen Enterprises had secured a cash credit facility by submitting forged or fabricated documents to Union Bank of India. Subsequently, the loan funds were diverted to sister concerns, related entities, and personal bank accounts of the partners, contrary to the terms set by the lender bank. This diversion led to the loan account being classified as non-performing.
Further scrutiny revealed that Ranbeer Singh Gandhi, a partner at M/s Jasleen Enterprises and Managing Director of M/s Amrik Furniture Limited, played a pivotal role in submitting forged documents for loan sanctioning. The diverted loan funds were traced to accounts held by various firms affiliated with Gandhi, under the guise of being relatives’ or employees’ accounts but effectively managed and controlled by him. Additionally, funds were diverted to personal bank accounts belonging to Gandhi and his wife.
Following investigations by CBI, EOW, and ED, M/s Jasleen Enterprises sought a one-time settlement (OTS) with the bank in 2021, which was settled at Rs. 11.30 crore in 2022. The remaining amount of Rs. 70 lakh, deemed proceeds of crime, has now been seized by the ED.
The attachment of the immovable property underscores the authorities’ commitment to combating financial crimes and ensuring accountability in the banking sector. This action serves as a deterrent against fraudulent activities, emphasizing the importance of upholding integrity and transparency in financial transactions.
