09 June,2017 09:15 AM IST | Mumbai | Suraj Ojha
In a major offensive action against the man who cheated Bank of Maharashtra of crores of rupees, the ED has provisionally attached assets worth Rs 19.62 crore of Siddhi Vinayak Logistic Limited (SVLL), Surat, and others
Representational picture
In a major offensive action against the man who cheated Bank of Maharashtra of crores of rupees, the ED has provisionally attached assets worth Rs 19.62 crore of Siddhi Vinayak Logistic Limited (SVLL), Surat, and others.
The CBI, Mumbai, has registered a case against SVLL, its promoter-mentor Rupchand Baid and others for criminal conspiracy and cheating the bank of Rs 836.29 crore. Since 2013, Baid had taken several loans in the names of SVLL and 2,804 drivers/employees under a scheme called 'Chaalak se Maalak' (driver to owner), devised by him by submitting forged documents. After the registration of an FIR, the ED had registered a case in November 2016 and commenced investigation under the Prevention of Money Laundering Act, 2002.
Investigation had revealed that under Baid's instructions, the bank had disbursed loans amounting to crores to various shell companies floated by the accused. The money was routed in a series of transactions among the companies of Baid and his family members, and ultimately utilised by SVLL, its group of companies and its directors for unintended purposes.
According to ED sources, Baid had also used an interesting modus operandi of money laundering by parking some loan amount with the authorised dealers of Eicher Motors and Tata Motors, and then, retransferring the same into SVLL's accounts by unilaterally cancelling the purchase orders with the companies.
Baid had bought a hotel in Surat to launder the loan amount; it has now been attached by the ED. Arrested on April 20, he is presently in judicial custody.
