The Enforcement Directorate has arrested the managing director of Usher Agro Limited and other group companies in a money laundering case involving more than ₹900 crore.
The accused has been identified by the agency as Vinod Chaturvedi, who faces the charge of bank loan fraud.
The ED probe is based on a First Information Report (FIR) registered by the Central Bureau of Investigation in January 2019, against the firm, Mr. Chaturvedi, Manoj Pathak and others.
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It has been alleged in the FIR that the group took loans from a consortium of banks and siphoned off the funds.
According to the ED, the proceeds of crime have been identified and quantified to the tune of ₹915.65 crore.
The agency alleged that the company promoters had formed 15 shell companies and carried out bogus transactions with these entities.
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“Also, the group companies have carried out bogus transactions with DHFL group companies. During investigation, Vinod Chaturvedi was non-cooperative and did not divulge any information. Therefore, he has been arrested,” said an official. He is currently in ED custody.