32.5 C
Delhi
Thursday, October 22, 2020

ED arrests Ratul Puri in bank fraud case

- Advertisement -

ED arrests Ratul Puri in bank fraud case New Delhi, Aug 20 (IANS) The Enforcement Directorate on Tuesday arrested Madhya Pradesh Chief Minister Kamal Nath’s nephew Ratul Puri, the former Executive Director of Moser Baer, in connection with a Rs 354-crore bank fraud case filed by the Central Bank of India, an agency official said.

The agency took the action after filing the money laundering case under Prevention of Money Laundering Act (PMLA) against Puri and others late Monday night based on the Central Bureau of Investigation’s (CBI) FIR.

Puri was arrested from his Delhi residence early Tuesday morning and will be produced before a special ED court later in the day.

The ED will seek Puri’s custody from the city court to question him in the bank fraud case which was registered by the CBI on August 17.

The CBI had booked Ratul Puri, his company, his father and Managing Director Deepak Puri, Directors Nita Puri (Ratul’s mother and Kamal Nath’s sister), Sanjay Jain and Vineet Sharma for alleged criminal conspiracy, cheating, forgery and corruption.

The CBI on Sunday had also carried out searches at six locations, including the residences and offices of the accused directors.

Ratul Puri had resigned from the post of Executive Director of Moser Baer in 2012, while his parents continued to be on the board, the Central Bank of India had said in a statement.

The company is involved in the manufacture of optical storage media like compact discs, DVDs, solid state storage devices.

It was taking loans from various banks since 2009 and went for debt restructuring a number of times, the bank has alleged in the complaint which is now part of the CBI FIR.

When it was unable to pay the debt, a forensic audit was done and the the account was declared as “fraud” by the Central Bank of India on April 20, 2019.

As per the CBI case, Ratul Puri through his firm has committed fraud and cheated the complainant bank, thereby making a wrongful gain to themselves and a wrongful loss to the lender bank which is a custodian of public money.

Primary security of the bank consisting of stock of finished goods, semi-finished goods and raw material have also been dishonestly and fraudulently removed by the company and its directors in order to prevent the distribution amongst the creditor banks to satisfy the debt, the bank has alleged.

“The funds granted by the banks have been misused and misappropriated by MBIL (Moser Baer India Limited) and its directors for their own personal use, MBIL and its Directors and promoters have also committed fraud in respect of reporting book debts, which were also one of the primary securities of the bank,” it has said.

The bank claimed that the company and its directors forged and fabricated documents to induce the Central Bank of India to release funds, it said.

“MBIL has cause unlawful loss to our bank to the tune of Rs 354.51 crore as on November 29, 2014 and interest thereon by getting unlawful gains,” the complaint said.

The ED also wants to question Ratul Puri in AgustaWestland VVIP chopper deal case.

India Updates
India Updates is an independent news & Information website. Follow us for regular updates on News and Information.

Follow Us On

Related News

OTT set for explosive growth in India as Jio plans 5G roll out

New Delhi, Oct 22 (IANS) In a socially distanced world, over-the-top (OTT) video and data consumption are witnessing a steep surge in India and...

Google web searches can help predict Covid hotspots: Study

New York, Oct 22 (IANS) By analysing Google web searches for keywords related to Covid-19, researchers have said that web-based analytics have demonstrated their...

India warns Twitter, says misrepresentation of map unacceptable

New Delhi, Oct 22 (IANS) Taking strong exception to misrepresentation of the India map, the government has written a stern letter to Twitter CEO...

Festive season to give temporary boost to economy: Report

New Delhi, Oct 22 (IANS) Festival season is expected to give a temporary boost to India’s economic prospect, brokerage major Motilal Oswal Financial Services said.Accordingly,...

Economy not circus lion that responds to ringmaster’s stick: Chidambaram

New Delhi, Oct 22 (IANS) Former Finance Minister P. Chidambaram on Thursday criticised the Centre for its claims on reviving the economy. He said...

India successfully tests anti-tank guided missile Nag, ready for induction in Army

New Delhi, Oct 22 (IANS) India successfully carried out the final trial of anti-tank guided missile -- Nag -- on Thursday. The missile will...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Trending Topics In India

Covid 19 India Updates

India in ”extremely comfortable position” in terms of oxygen availability: Health Ministry

New Delhi, Oct 20 (PTI) There has been no scarcity in oxygen supply in the last 10 months with the daily production capacity enhanced...

India in ”extremely comfortable position” in terms of oxygen availability: Health Ministry

New Delhi, Oct 20 (PTI) There has been no scarcity in oxygen supply in the last 10 months with the daily production capacity enhanced...

Virus can hit recovered Covid patients once antibodies start depleting: ICMR

New Delhi, Oct 20 (IANS) Patients who have recovered from Covid-19 can again get infected by the virus once the antibodies of the viral...

Covid to reduce profits of hospitals by 35-40% this fiscal: Crisil

Mumbai, Oct 20 (IANS) Postponement of elective surgeries, revenue loss from the highly profitable medical tourism segment, and increasing safety and sanitisation costs amid...

‘India can become global PPE hub, more R&D efforts needed’

New Delhi, Oct 18 (IANS) Within six to seven months, India has become a major manufacturer of personal protective equipment (PPE) kits and even...

Bharat Biotech & Washington Univ developing nasal vax for Covid: Minister

New Delhi, Oct 18 (IANS) Union Health Minister Harsh Vardhan on Sunday informed that Bharat Biotech will develop an intranasal vaccine for Sars-CoV-2, the...

Trending News In India

Onion price: Centre relaxes import norms, releases buffer stock

New Delhi, Oct 21 (IANS): Concerned over the rising price of onions, the Centre on Wednesday relaxed the norms for import of onions while deciding...

Google web searches can help predict Covid hotspots: Study

New York, Oct 22 (IANS) By analysing Google web searches for keywords related to Covid-19, researchers have said that web-based analytics have demonstrated their...

India warns Twitter, says misrepresentation of map unacceptable

New Delhi, Oct 22 (IANS) Taking strong exception to misrepresentation of the India map, the government has written a stern letter to Twitter CEO...

Acer launches world’s 1st Snapdragon 7c powered Chromebook

San Francisco, Oct 22 (IANS) Acer has launched its first Chromebooks powered by the Qualcomm Snapdragon 7c compute platform - the Acer Chromebook Spin...

Festive season to give temporary boost to economy: Report

New Delhi, Oct 22 (IANS) Festival season is expected to give a temporary boost to India’s economic prospect, brokerage major Motilal Oswal Financial Services said.Accordingly,...

Economy not circus lion that responds to ringmaster’s stick: Chidambaram

New Delhi, Oct 22 (IANS) Former Finance Minister P. Chidambaram on Thursday criticised the Centre for its claims on reviving the economy. He said...

Trending Showbiz

Vishal Bhardwaj to adapt Agatha Christie stories as film franchise

Mumbai, Oct 20 (IANS) Filmmaker Vishal Bhardwaj is developing a film franchise based on the works of famed author Agatha Christie. The series will...

‘Laxmmi Bomb’ highlights transgender community, says director Raghava Lawrence

Mumbai: The horror comedy Laxmmi Bomb, starring Akshay Kumar, is all set to release on November 9, and director Raghava Lawrence, who makes his Bollywood...

BARC India remains committed to its stakeholders

Mumbai, Oct 18 (IANS) Broadcast Audience Research Council (BARC) India on Saturday released a statement underlining the fact that the body aimed at ensuring...

Cinemas reopen: Day one sees dull start, but trade experts positive

BY NATALIA NINGTHOUJAM (IANS) Cinemas in several states including Delhi-NCR opened doors to patrons on Friday after seven months the turnout everywhere has been...

Will thwart all attempts to finish off Bollywood: Thackeray

Mumbai, Oct 16 (IANS) Breaking his silence, Maharashtra Chief Minister Uddhav Thackeray on Thursday made it clear that he would resist any moves to finish off...

Trending Sports

RCB thrash KKR, show they are serious IPL title contenders

Abu Dhabi, Oct 21 (IANS/GloFans) Speedster Mohammad Siraj bowled a dream spell (3/8), set a few records, and guided Royal Challengers Bangalore (RCB) to an...

Dhawan’s record ton in vain as KXIP beat DC, stay float

Dubai, Oct 20 (IANS/GloFans) A resurgent Kings XI Punjab (KXIP) on Tuesday comprehensively defeated table toppers Delhi Capitals (DC) by five wickets, despite Shikhar Dhawan's...

This IPL CSK weren’t there, says Dhoni after loss to RR

Abu Dhabi, Oct 20 (IANS) Chennai Super Kings (CSK) captain Mahendra Singh Dhoni on Monday seemed resigned to his fate after a seven-wicket defeat...

Rajasthan win comfortably, stay afloat; Chennai pushed to brink

Abu Dhabi, Oct 19 (IANS) Former champions Rajasthan Royals (RR) gave themselves a new lease of life on Monday with a convincing seven-wicket win...

KXIP crowned kings after beating MI in 2nd Super Over

Dubai, Oct 19 (IANS/GloFans) In a most dramatic contest, comprising two Super Over deciders, Kings XI Punjab (KXIP) held their nerve to eke out a...

Dhawan’s maiden ton takes DC to five-wicket win over CSK

Sharjah, Oct 17 (IANS) Shikhar Dhawan scored his maiden T20 century while Axar Patel knocked off the required 17 runs off the last over...

Latest Trending News In India

OTT set for explosive growth in India as Jio plans 5G roll out

New Delhi, Oct 22 (IANS) In a socially distanced world, over-the-top (OTT) video and data consumption are witnessing a steep surge in India and...

Google web searches can help predict Covid hotspots: Study

New York, Oct 22 (IANS) By analysing Google web searches for keywords related to Covid-19, researchers have said that web-based analytics have demonstrated their...

India warns Twitter, says misrepresentation of map unacceptable

New Delhi, Oct 22 (IANS) Taking strong exception to misrepresentation of the India map, the government has written a stern letter to Twitter CEO...

Acer launches world’s 1st Snapdragon 7c powered Chromebook

San Francisco, Oct 22 (IANS) Acer has launched its first Chromebooks powered by the Qualcomm Snapdragon 7c compute platform - the Acer Chromebook Spin...

Festive season to give temporary boost to economy: Report

New Delhi, Oct 22 (IANS) Festival season is expected to give a temporary boost to India’s economic prospect, brokerage major Motilal Oswal Financial Services said.Accordingly,...