AHMEDABAD: The Enforcement Directorate (ED) has closed in on a city-based businessman who is accused in a Rs 400 crore scam involving 23 banks. ED officials had in July this year attached properties and assets worth Rs 5.2 crore in the Vishal Exports Overseas Ltd (VEOL) bank fraud case.
On Wednesday, the adjudicating authority for anti-money laundering cases in Delhi stamped its approval for the attachments in the case. VEOL’s chairman and directors have been accused of fraudulently availing fund and non fund-based credit facilities and availing customs duty drawbacks on bogus exports.
ED registered five cases against VEOL MD Pradeep Mehta under Prevention of Money Laundering (PMLA), Act 2002 in January this year. Four cases under Foreign Exchange Regulation Act (FEMA) have also been filed against VEOL and another firm FFR Software Pvt Ltd where Pradeep is a director.
Earlier, CBI and Bank Security and Frauds Cell (BS&FC) investigations have indicted VEOL’s chairman Subhashchandra Mehta, joint MD Dipak Mehta and Pradeep for cheating banks. Customs department and ED investigations have pointed towards bogus exports of readymade garments to Russia and Dubai.”We unveiled a transaction of Rs 6.5 crore where foreign inward remittances were received in account of M/S FFR Software Pvt Ltd, which has Pradeep as its director, for export of garments.
Detailed news link: here
