Raipur: The Enforcement Directorate (ED) has seized over Rs 31.83 crores while carrying out searches in a bank fraud case in Chhattisgarh capital on Saturday. The ED has registered a case under the Prevention of Money Laundering Act against one businessman Subhas Sharma.
According to ED officials, Sharma allegedly defrauded the banks by taking a huge amount of money by way of loan or overdraft facility by forgery and cheating. Such loans have been reportedly siphoned-off by Sharma and his associates to purportedly utilise it for purposes other than business purposes.
"Sharma took a huge amount of loans and later, he transferred that money to various companies. Investigation revealed that Sharma invested Rs 29.65 crore loan amount through various companies including the Ferro Alloys Unit of M / s Chhattisgarh Steel & Power Limited," an official said.
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"Equal shares of this amount were issued in the name of three shell companies of Sharma and he used these shell companies to divert the loan amount from the bank. The ED has seized the plant and machinery of the Ferro Alloys Unit of Messrs Chhattisgarh Steel and Power Limited worth Rs 29.65 crore. Apart from this, land worth Rs 2 crore 18 lakh is also seized in Purana village of Raipur," the official said.
"Sharma had taken a loan of Rs 38.50 crore for Hotel Sapphire Inn, Goodluck Petroleum Company and M / s Vidit Trading Company. These amounts were taken from Axis Bank and Punjab National Bank in Raipur. As their instalments were not paid, the banks declared Sharma's account as a fraud one," the official added.
