The Enforcement Directorate (ED) has arrested managing director of M/s Usher Agro Limited, a rice milling firm, Vinod Chaturvedi under the Prevention of Money laundering Act (PLMA) in a case related to cheating and siphoning of bank loans. The investigation was initiated on the basis of an FIR lodged with the Central Bureau of Investigation (CBI).
“The CBI had filed an FIR in January 2019 against M/s Usher Agro Ltd, Vinod Kumar Chaturvedi, Manoj Pathak and others. In the FIR, it was alleged that the group has taken a loan from the consortium of banks and has siphoned off the same. During investigation, the cops learnt that Rs 915.6 crore has been siphoned off,” the ED said.
“Investigation revealed that promoters had formed 15 shell companies and had carried out bogus transactions with these shell companies. 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. He was arrested on Friday and was produced before the court which remanded him to ED custody for five days,” the agency's statement claimed.
According to the CBI's FIR, “The company was sanctioned working capital and Term Loan facility by a consortium of banks, including IDBI Bank Ltd. The bank has alleged that the company had overstated the position of stocks and debtors during Financial Year 2015-16 for availing working capital limits from the said banks.”
M/s Usher Agro Ltd has its office at Laxmi Industrial Estate in Andheri (W). The company is also engaged in processing of raw white rice, par-boiled rice and steam rice of different grades of non-basmati variety, basmati rice and wheat products.
source https://www.freepressjournal.in/mumbai/ed-arrests-owner-of-rice-milling-firm-in-pmla-case
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