Amid Prime Minister Narendra Modi’s initiative to end corruption in India, the Enforcement Directorate (ED) has attached the immovable properties worth Rs 109.03 crore of a private firm and its owners for defrauding Punjab National Bank (PNB) to the tune of Rs 362 crore.
The attachment has been made by the ED under the Prevention of Money Laundering Act relating to bank loan fraud by M/s. Kudos Chemie Ltd.
“The attached assets consist of plots in villages– Kuranwala, Saidpura, Gulabgarh, Madhopur and Ranguana; Districts– Mohali, Punjab and a bungalow in Chandigarh. These assets belong to M/s. Kudos Chemie Ltd. and its directors, Jitendra Singh and Gurmeet Sodhi, and an associate company M/s. Kudos Holdings Pvt. Ltd,” said the agency.
The investigation by the ED was initiated after the Central Bureau of Investigation (CBI) filed an FIR against M/s. Kudos Chemie Ltd. and its promoters and directors Jitendra Singh, Gurmeet Sodhi, Kabir Sodhi and others for the offences of criminal conspiracy, cheating and forgery of valuable securities.
The ED claimed that during the investigations, it discovered that Jitendra Singh, the managing director of M/s. Kudos Chemie Ltd. had submitted 283 forged export bills to the PNB and got it fraudulently discounted in connivance with officials of the PNB, which resulted in the loss to the bank to the tune of approximately Rs. 362 crore.
“The released amount of Rs. 362 crore (approx.) was further utilised for adjustments of Cash Credit accounts and other outstanding liabilities. The proceeds were also routed through his current account and further transferred to various accounts for the adjustment of the outstanding liabilities,” said the ED.
The financial probe agency alleged that the properties of M/s. Kudos Chemie Ltd. and its directors – Jitendra Singh and Gurmeet Sodhi and associate company namely M/s. Kudos Holdings Pvt. Ltd to the tune of Rs. 109.03 crore are proceeds of crime.
Sources said that the agency is in process of identifying a few more properties associated with the accused and it is expected that in coming days, new properties will be attached.