ED conduct searches at various places in Maharashtra against VAPL, VACL in money laundering
Nagpur (Maharashtra) [India], June 20 (ANI): Enforcement Directorate (ED) conducted searches at various places at Pune, Ratnagiri, Sangli and Nagpur in Letter of Credit (LCs) fraud case of Bank of India involving Varron Aluminum Pvt. Ltd and Varron Auto Comp Pvt. Ltd. The searches were conducted at factory premises, residential premises of the Varron group and its directors.
ANI
Jun 20, 2019 22:57 IST
Nagpur (Maharashtra) [India], June 20 (ANI): Enforcement Directorate (ED) conducted searches at various places at Pune, Ratnagiri, Sangli and Nagpur in Letter of Credit (LCs) fraud case of Bank of India involving Varron Aluminum Pvt. Ltd and Varron Auto Comp Pvt. Ltd. The searches were conducted at factory premises, residential premises of the Varron group and its directors.
A case of registered by CBI against VAPL and VACL and others on the basis of the complaint received by Bank of India, Pune Zonal Office. Taking cognizance of the complaints against the group, the ED initiated their own investigation under the provisions of the PMLA, 2002.
"During the investigation, it was revealed that Shrikant Pandhurang Sawaikar along with bank officials of Canara Bank and other private individuals entered into a criminal conspiracy to cheat bank of India," read the ED release.
"In pursuance to the said criminal conspiracy non-genuine Letter of Credit, commercial invoices, and lorry receipts were used for the release of Rs 293 crores in the account of VAPL," it stated.
Investigation so far has revealed that the said money was immediately transferred through various accounts and finally utilised for settling old dues and making fixed deposits.
Further investigation to establish the money trails and corresponding attachments is under progress. (ANI)
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