The Enforcement Directorate (ED) has filed a chargesheet against one Gyan Prakash Sarawgi and nine others in connection with money laundering case related to a bank loan fraud.
The Enforcement Directorate (ED) has filed a chargesheet against one Gyan Prakash Sarawgi and nine others in connection with money laundering case related to a bank loan fraud. The prosecution complaint was filed before a special PMLA court in Ranchi which has taken the cognizance of the matter on June 3. “The prosecution complaint was preceded by a provisional attachment order of May 25, 2020 attaching therewith 10 immovable properties worth Rs 4.25 crore identified as proceeds of crime,” said an ED official.
The case relates to bank fraud wherein the accused persons availed bank loans fraudulently amounting to Rs 77.36 crore on the pretext of trading in textiles, garments and construction items. After getting the loan amount, the accused laundered all the money through a maze of transactions involving many intermediary companies and were finally used into the activities of Sarawgi Builders and Promoters Pvt Ltd which was primarily engaged in the business of real estate.
