ED: MP CM's nephew led lavish life on card issued by chopper scam accused
New Delhi: Madhya Pradesh Chief Minister Kamal Nath's nephew Ratul Puri led a "lavish" lifestyle using a credit card issued by a Dubai-based hawala operator, an accused in the VVIP choppers scam, to travel in private jets and visit night clubs, the ED has said in its chargesheet in a Rs 8,000 crore bank loan money laundering case.
The central agency filed a prosecution complaint (chargesgeet) against Puri, his associates and Moser Baer India Ltd, a company promoted by his father, before a special court here on Thursday.
The case registered under the criminal provision of the Prevention of Money Laundering Act (PMLA) is related to the "misappropriation" of about Rs 8,000 crore bank loans, the Enforcement Directorate said a statement issued on Friday.
"Probe revealed that Puri had transferred funds consisting of bank loans to various subsidiaries of Moser Baer across the world in the guise of giving loans and investments.
"Further, Puri with the help of various hawala operators and professionals created corporate structures in various jurisdictions and invested in asset creation like buying factory, movable assets and also for funding a lavish lifestyle for which a credit card was got issued from Dubai-based hawala operator Rajiv Saxena," the agency said. Saxena, a prime accused in the Rs 3,600 crore AgustaWestland VVIP choppers money laundering case, was deported to India from Dubai early this year. "The total amount spent on the credit card is USD 4.5 million which has been used for lavish stays, on holiday travelling in private jets and night clubs," the agency claimed.
Puri, who has been an executive director in Moser Baer, was arrested by the agency in this case in August and is at present in judicial custody. He and his family have denied any wrongdoing on their part.
The ED said loans to the tune of Rs 7,979.30 crore, taken from various banks, have been misused and misappropriated by Moser Baer, its directors/promoters for their own use and have further been transferred in the companies of Puri's Hindustan Power Group.
"In order to avail the loan and for corporate debt restructuring, a fabricated document was submitted to the bank showing infusion of promoters' contribution which itself had come from suspicious sources."
"Corporate guarantees were given to lure the banks to disburse loans to subsidiaries beyond the net worth of Moser Baer," the ED alleged.
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