Bhopal, Aug 5
The Enforcement Directorate seized incriminating documents related to benami companies and properties during a search on the premises of a company, Advantage Overseas Pvt. Ltd, in a Rs 1,266 crore bank fraud case, an official said on Tuesday.
The Bhopal Zonal Office conducted search operations in the case of Advantage Overseas Pvt. Ltd. (AOPL) under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
ED investigation revealed that AOPL defrauded the bank first by raising its turnover 100 times in its account statements to take undue benefits from banks, did related party transactions and diverted the bank's funds in the guise of unsecured loans to themselves and their sister concerns via 73 different entities.
The assets identified during searches so far are estimated to be valued at over Rs 300 crore, the ED said.
The FIR was registered under various sections of the Indian Penal Code and Prevention of Corruption Act, 1988, against Advantage Overseas Pvt. Ltd. (borrower Company), and its directors/related persons and unknown public servants.
Those named in the FIR were booked for penal provisions, including criminal conspiracy for the purpose of cheating, forgery of valuable security, and causing loss to the tune of Rs 1,266.63 crore to SBI.