The Enforcement Directorate (ED) announced on Monday that it had arrested the managing director of a Mumbai-based agricultural company in connection with a money laundering investigation linked to alleged multi-crore bank fraud.
Vinod Chaturvedi, managing director of Usher Agro Limited and other group companies, was arrested on September 17 in a case of “bank loan fraud and siphoning”.
The director general did not cooperate and did not disclose any information during the interrogation, the director general said.
The agency said in a statement that a special money laundering prevention court in Mumbai on September 18 sent him to five days in police custody.
The PMLA case against Chaturvedi, his company and a person identified as Manoj Pathak is based on a CBI FIR where it was alleged that “the group took out a loan from a consortium of banks and hijacked it”.
“The proceeds of crime have been identified and quantified to the tune of Rs 915.65 crore in this case. The promoters have formed 15 shell companies and carried out fake transactions,” said the managing director.
The group companies have also carried out “bogus” transactions with the companies of the Dewan Housing Finance Corporation group.
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