The Enforcement Directorate has attached properties and bank accounts of a NCR-based doctor and a Chartered Accountant for allegedly laundering and defrauding on a Rs 6.5 crore loan taken from the SBI.
The order, under the stringent provisions of the money laundering Act, has been issued by the Delhi zone office of the agency after it unravelled a maze of dubious and false transactions done by the doctor to allegedly defraud a number of financial organisations in the national capital on the pretext of building a hospital in Ghaziabad, near Delhi.
According to the ED, which registered a case under the Prevention of Money laundering Act [PMLA] last year, it took over the case from the CBI which had earlier filed a forgery case in this regard after the doctor had taken a land for developing a project called Raghubir Hospital Private Limited and had applied for project loan of Rs 20 crore from SBI by submitting ‘forged proforma invoices and receipts.’ The doctor, according to ED, applied for the loan with the help a CA and subsequently the State Bank of India [Nehru place branch] sanctioned him a term loan of Rs 6.5 crore in 2006.
This loan amount, the ED attachment order sent to various banks involved in the case said, was “misappropriated [by the doctor] by submitting fictitious documents, bills towards purported supply of material and medical equipments” through non-existent suppliers.
The ED found that the doctor ‘defrauded the bank by siphoning a sum of Rs 4.92 crore by withdrawing the money in cash or transfer to other accounts” including payments made to an insurance company and a bank against re-payment of loan he had taken from them and to the CA for providing services to get the loan on ‘fictitious documents’.
The agency, in its 22-page order, stated that the CA garnered ‘proceeds of crime’ to the tune of Rs 70 lakh from the doctor for helping him in the deal and he subsequently utilised this money to purchase property and deposited the rest of the amount in his account in ICICI bank in Nehru place.
The ED attachment ensures that the freezed properties cannot be used by the accused and he cannot take any benefits from these assets, but the order can be challenged by the accused at the adjudicating authority of the PMLA which is a quasi-judicial body. Among the attached immovable properties are the doctor’s house and hospital building located in Ghaziabad [against the Rs 6.5 crore SBI loan], office property of the CA and his account in ICICI bank.
The order, under the stringent provisions of the money laundering Act, has been issued by the Delhi zone office of the agency after it unravelled a maze of dubious and false transactions done by the doctor to allegedly defraud a number of financial organisations in the national capital on the pretext of building a hospital in Ghaziabad, near Delhi.
According to the ED, which registered a case under the Prevention of Money laundering Act [PMLA] last year, it took over the case from the CBI which had earlier filed a forgery case in this regard after the doctor had taken a land for developing a project called Raghubir Hospital Private Limited and had applied for project loan of Rs 20 crore from SBI by submitting ‘forged proforma invoices and receipts.’ The doctor, according to ED, applied for the loan with the help a CA and subsequently the State Bank of India [Nehru place branch] sanctioned him a term loan of Rs 6.5 crore in 2006.
This loan amount, the ED attachment order sent to various banks involved in the case said, was “misappropriated [by the doctor] by submitting fictitious documents, bills towards purported supply of material and medical equipments” through non-existent suppliers.
The ED found that the doctor ‘defrauded the bank by siphoning a sum of Rs 4.92 crore by withdrawing the money in cash or transfer to other accounts” including payments made to an insurance company and a bank against re-payment of loan he had taken from them and to the CA for providing services to get the loan on ‘fictitious documents’.
The agency, in its 22-page order, stated that the CA garnered ‘proceeds of crime’ to the tune of Rs 70 lakh from the doctor for helping him in the deal and he subsequently utilised this money to purchase property and deposited the rest of the amount in his account in ICICI bank in Nehru place.
The ED attachment ensures that the freezed properties cannot be used by the accused and he cannot take any benefits from these assets, but the order can be challenged by the accused at the adjudicating authority of the PMLA which is a quasi-judicial body. Among the attached immovable properties are the doctor’s house and hospital building located in Ghaziabad [against the Rs 6.5 crore SBI loan], office property of the CA and his account in ICICI bank.