The Enforcement Directorate (ED) has pulled its grip on a former senior manager of Bank of Baroda who provided brick kiln owners in Phagwara, Punjab, with 19 loans totaling Rs 21.19 crore. Kuldeep Singh has been arrested by the ED. In a previous money laundering case, the Directorate of Enforcement detained six persons, including kiln owners Vikram Seth and Suresh Seth.
Suresh Seth was detained in February of this year, while Vikram Seth was nabbed in September of last year by the ED. In the money laundering case, the ED has filed a charge sheet in the special court of Mohali against 14 of their close relatives and relations, including both brothers. In the same instance, the Enforcement Directorate began an inquiry in 2017 after the Anti-Corruption Bureau filed a complaint.
In collusion with other accused, Seth and his family members and accomplices allegedly obtained 19 loans from Bank of Baroda, Phagwara. Before taking out loans, fake companies and firms were formed. The bank was then duped by setting up a comprehensive trap. This also involves certain bank officials and personnel. All of them conspired to defraud the government of Rs 21.19 crore by opening fake company accounts and receiving loan money, despite the fact that there was no company on the land.
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According to the ED, Seth spent the entire sum on 20 residential plots, 6 industrial plots, one house, 3 agricultural land, 2 brick kilns, and 10 commercial plots in Phagwara and the adjacent areas, totaling Rs 18,17,03,627. In Himachal Pradesh, 42 immovable properties were purchased in Banga (Nawanshahr) and Amb (Una). Aside from that, 7 moveable properties worth Rs 32,97,000 were also purchased using stolen money, including Tata Safari, Honda Jazz, and Skoda Octavia vehicles. Last year, the ED attached 42 immovable and 7 mobile properties totaling Rs 18,50,00,627.
Also read: Jalandhar: Action on electricity theft; PSPCL charges Rs. 10 Lakh penalty on guest house
According to the ED, Seth spent the entire sum on 20 residential plots, 6 industrial plots, one house, 3 agricultural land, 2 brick kilns, and 10 commercial plots in Phagwara and the adjacent areas, totaling Rs 18,17,03,627. In Himachal Pradesh, 42 immovable properties were purchased in Banga (Nawanshahr) and Amb (Una). Aside from that, 7 moveable properties worth Rs 32,97,000 were also purchased using stolen money, including Tata Safari, Honda Jazz, and Skoda Octavia vehicles. Last year, the ED attached 42 immovable and 7 mobile properties totaling Rs 18,50,00,627.