In a breakthrough in the massive Syndicate Bank fraud, the Enforcement Directorate (ED) has filed a Supplementary Prosecution Complaint under the Prevention of Money Laundering Act, 2002 (PMLA) against several persons accused in the massive Syndicate Bank fraud.

These persons are Shankar Lal Khandelwal of Guman Group, Jaipur, and his family members; Navrattan Cement Industries LLP; Navrattan Blue Crete Industries Pvt. Ltd of Himanshu Verma, Patiala; two bank officials Santosh Kumar Gupta, Deshraj Meena, their relatives — Bharat Bomb, Pooja Bomb, Vipul Kaushik and other persons before the Court of Special Judge, Jaipur, a designated Special Court under the PMLA.

Investigation revealed that during the period from 2011 to 2016, Bharat Bomb, an Udaipur-based Chartered Accountant who was the master mind of the fraud, in collusion with bank officials and others indulged in fraudulent transactions such as discounting of forged cheques, discounting of forged inland bills, and availing of overdraft facility against non-existent LIC policies and thereby caused the bank loss to the tune of ₹1,055 crore.

Further, these accused siphoned off funds of the bank for illegal personal gains. The tainted money earned by them was invested in immovable assets or transferred in various bank accounts through complex maze of transactions.

Till now, the ED has identified proceeds of crime worth ₹302.66 crore consisting of movable and immovable properties which have been attached under the PMLA.

A Supplementary Prosecution Complaint has now been filed with a prayer for punishment of the accused and confiscation of attached movable and immovable properties worth ₹302.66 crore in continuation to the already filed Prosecution Complaint against 58 accused.

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