Bank fraud case: Enforcement Directorate attaches assets worth ₹109 cr of Punjab-based firm

Our Bureau New Delhi | Updated on August 31, 2019 Published on August 31, 2019

Enforcement Directorate Office in Mumbai.   -  BusinessLine


Enforcement Directorate (ED) has attached properties worth ₹ 109.03 crore under in a money laundering case relating to bank loan fraud by Punjab-based Kudos Chemie Limited. “The attached assets consists of plots in villages Kuranwala, Saidpura, Gulabgarh, Madhopur and Ranguana in Mohali, Punjab and a bungalow at Chandigarh. “These assets belong of Kudos Chemie and its directors Jitendra Singh and Gurmeet Sodhi and an associate company Kudos Holdings,” a press release by the ED stated.

ED has initiated the investigation under the provisions of Prevention of Money Laundering Act, based on Central Bureau of Investigation (CBI) FIR against Kudos Chemie 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 probe revealed that Jitendra Singh, Managing Director of Kudos Chemie had submitted 283 forged export bills to the Punjab National Bank (PNB) and got it fraudulently discounted in connivance with bank officials causing loss to the tune of ₹ 362 crore. “The released amount was further utilised for adjustments of cash credit accounts and other liabilities. The proceeds were also routed through his current account and further transferred to various accounts for the adjustment of the outstanding liabilities,” the ED press release stated.

The investigation further revealed that the properties of Kudos Chemie and its directors - Jitendra Singh and Gurmeet Sodhi and associate company Kudos Holdings to the tune of ₹ 109.03 crore are proceeds of the crime and were thus attached.

Published on August 31, 2019
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