Bank loan fraud: ED attaches ₹5.11-cr. assets of gem exporting firm, others


The Enforcement Directorate has attached assets worth ₹5.11 crore in connection with a money laundering case involving Vipul Gems and others.

The properties, including three residential-cum-business houses in Jaipur, and ₹1.31 crore in fixed deposits belong to Shanti Kumar Chordia, Umrao Mal Chordia and Nayantara Chordia.

The ED probe is based on a charge sheet filed by the Central Bureau of Investigation against the accused , Vipul Gems Private Limited, K. V. Exports and Vipul Gems. The companies are into export of precious stones. As alleged, they cheated Bank of Baroda of about ₹30 crore.

In 2006-07, the companies had taken advances for the purchase of raw material and export-related expenses, besides post-shipment demand loan, to the tune of ₹29 crore. It is alleged that they had submitted forged export orders. The funds were diverted and the bills for the purported exports made by these companies remained outstanding.

According to the ED, the foreign buyers had either returned the goods, made payments directly to the borrowers or had not at all received the goods. The companies had also opened new current account in the name of Gems International and transferred some of the loan advances. A part of the funds was also used to settle personal dues and old outstanding with the previous bank.

In the same case, the ED had earlier attached a bungalow worth ₹1 crore and filed a charge sheet against the accused persons in 2017.

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Printable version | Dec 16, 2019 12:42:41 PM |

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