Shoulder
Visit asg-reflektory.pl for more information.
Money Matters| Allegations suggest that the entity engaged in a sophisticated scheme to defraud a city-based branch of UCO Bank
Headline
Ruchi Acroni case: ED attaches properties worth Rs 18 cr
Our Staff Reporter
Indore
Taking a major step in a bank fraud case involving Ruchi Acroni Industries Limited, the Enforcement Directorate (ED) has attached additional properties worth Rs 7.76 crore. Previously, the agency had attached the company’s assets worth Rs 10.15 crore. With this, the total attachment of properties of the company has reached Rs 17.91 crore.
Action was taken by the Indore sub-zonal office of the ED. The agency informed on Tuesday that the action was carried out on April 24 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The assets consist of various land parcels held in the name of Ruchi Acroni Industries Limited, a firm currently operating as Steeltech Resources Limited.
The investigation was launched following an FIR registered by the Central Bureau of Investigation (CBI), Anti-Corruption Branch, in Bhopal. The charges include violations under the Prevention of Corruption Act and the Indian Penal Code.
Allegations suggest that the entity engaged in a sophisticated scheme to defraud a city-based branch of UCO Bank, resulting in a wrongful loss exceeding Rs58 crore. The company is suspect of dishonestly siphoning and diverting bank funds through investments in group companies and by extending loans and advances to associate concerns.
Findings from the ED reveal a complex pattern of financial deception. The probe indicates that credit facilities and letters of credit were obtained through forged and manipulated documents. These transactions lacked genuine underlying trade activity. Once secured, the proceeds were diverted through a web of interlinked entities to mask their origin. The funds were systematically layered before being utilised to acquire the immovable properties now under attachment. Further investigation is in progress to ensure full accountability for the loss caused to the public sector bank.
INFO BOXES
CASE FILE: UCO BANK FRAUD
* Primary Suspect: Ruchi Acroni Industries Limited (now Steeltech Resources Limited)
* Total Wrongful Loss: Over Rs58 crore
* Latest Attachment: Rs7.76 crore
* Total Assets Attached: Rs17.91 crore
* Key Agencies: ED (Indore unit) and CBI (Bhopal unit)
* Legal Provisions: PMLA 2002, Prevention of Corruption Act, IPC
MODUS OPERANDI
* Documentation: Submission of forged and fabricated letters of credit.
* Diversion: Funds routed through interlinked entities under common control.
* Layering: Systematic movement of money to mask origins.
* Acquisition: Siphoned funds utilised to purchase land parcels.
Czytaj dalej u źródła
