The Enforcement Directorate (ED) has conducted searches at various locations in Mumbai, Karjat, Baramati and Pune in a money laundering case linked to a bank loan fraud case against Shree Shiv Parvati Sakhar Karkhana Limited, M/s. Hitech Engineering Corporation India Pvt. Ltd. and their directors Nandkumar Tasgaonkar, Sanjay Awate and Rajendra Ingawale.
The agency carried out the search operations under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 and seized various incriminating documents, digital devices and cash of Rs 19.5 lakh, the central agency said on Wednesday.
The ED has started investigation in the matter based on the FIR registered by CBI, EOW-1, New Delhi against M/s Shree Shiv Parvati Sakhar Karkhana Limited and its directors and others for falsifying the accounts, forging and fabricating documents in order to make unlawful gains.
ED’s probe has so far revealed that the company M/s Shree Shiv Parvati Sakhar Karkhana Limited (SSPSKL) availed Rs 100 crore loan from banks, but failed to contribute its share of Rs 71.19 crore for the project which was one of the conditions for availing the said loan.
Subsequently, through its directors and sister concerns M/s Tasgaonkar Construction Ltd, M/sTasgaonakar Industries Ltd. and its associate M/s Hitech Engineering Corporation India Pvt. Ltd. major part of loan funds was siphoned off leading to loss to the exchequer and corresponding gains to themselves, the agency stated in a statement.
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