VADODARA/AHMEDABAD: The Enforcement Directorate (ED) on Thursday filed 21,000-page long chargesheet against Vadodara-based Diamond Power Infrastructure Ltd. (DPIL) and its administrators Amit Bhatnagar, Sumit Bhatnagar and their father Suresh Bhatnagar, in conjunction with 11 others prior to the Special Court (PMLA), Ahmedabad in a financial institution fraud case.
ED has already connected DPIL’s immovable properties value Rs 1,122.72 crore in April this 12 months and has prayed for confiscating connected property in addition to sought punishment of DPIL administrators and the opposite accused, under Section 4 of the Prevention of Money Laundering Act, 2002.
“Investigations under PMLA was initiated against the accused at the basis of registration of case by Central Bureau of Investigation (CBI), Gandhinagar. Promoters of the company and others were accused of causing losses of Rs 2,654 crore to a consortium of 19 banks by availing time period loans/operating capital loans, external commercial borrowings and non-convertible debentures,” stated an ED respectable.
DPIL could also be accused of misusing letters of credit issued by more than a few banks for fee of 1,222.7 crore against faux/paper purchases constituted of M/s Archon Engicon Ltd, M/s Accord Industries Ltd, M/s Jindal Aluminium Foils P Ltd and M/s Ruby Cables Ltd.
According to the ED, investigations have revealed that DPIL had diverted Rs five.80 crore from DPIL to their UAE-based corporate M/s Diamond Power Global Holding Ltd, and about Rs 44 crore to their workforce corporate M/s Northway Spaces Ltd.
“DPIL additionally diverted about US$ 40,32,000 (appx. Rs 21 Crore) to their workforce corporate M/s Mayfair Leisures Ltd, via a chain of UAE based companies, an respectable unlock by the ED stated.
“Investigation additionally revealed that DPIL has shown excess gross sales of about Rs 270 crore to PSUs like GETCO, Powergrid Corporation of India, PGVCL and DGVCL. M/s DPIL has shown false business receivables to the track of Rs 384 Crore in recognize of 19 consumers investigated by ED thus far,” stated the respectable.
ED on Thursday filed the chargesheet in conjunction with annexures as among the documents of transactions are still under scanner. The income tax division had connected DPIL’s properties value Rs 1,000 crore when they came upon that the corporate’s turnover figures were incorrect.
ED has already connected DPIL’s immovable properties value Rs 1,122.72 crore in April this 12 months and has prayed for confiscating connected property in addition to sought punishment of DPIL administrators and the opposite accused, under Section 4 of the Prevention of Money Laundering Act, 2002.
“Investigations under PMLA was initiated against the accused at the basis of registration of case by Central Bureau of Investigation (CBI), Gandhinagar. Promoters of the company and others were accused of causing losses of Rs 2,654 crore to a consortium of 19 banks by availing time period loans/operating capital loans, external commercial borrowings and non-convertible debentures,” stated an ED respectable.
DPIL could also be accused of misusing letters of credit issued by more than a few banks for fee of 1,222.7 crore against faux/paper purchases constituted of M/s Archon Engicon Ltd, M/s Accord Industries Ltd, M/s Jindal Aluminium Foils P Ltd and M/s Ruby Cables Ltd.
According to the ED, investigations have revealed that DPIL had diverted Rs five.80 crore from DPIL to their UAE-based corporate M/s Diamond Power Global Holding Ltd, and about Rs 44 crore to their workforce corporate M/s Northway Spaces Ltd.
“DPIL additionally diverted about US$ 40,32,000 (appx. Rs 21 Crore) to their workforce corporate M/s Mayfair Leisures Ltd, via a chain of UAE based companies, an respectable unlock by the ED stated.
“Investigation additionally revealed that DPIL has shown excess gross sales of about Rs 270 crore to PSUs like GETCO, Powergrid Corporation of India, PGVCL and DGVCL. M/s DPIL has shown false business receivables to the track of Rs 384 Crore in recognize of 19 consumers investigated by ED thus far,” stated the respectable.
ED on Thursday filed the chargesheet in conjunction with annexures as among the documents of transactions are still under scanner. The income tax division had connected DPIL’s properties value Rs 1,000 crore when they came upon that the corporate’s turnover figures were incorrect.
Chargesheet filed against DPIL directors
![Chargesheet filed against DPIL directors]()
Reviewed by Kailash
on
December 29, 2018
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