In the case of bank fraud, the Directorate of Enforcement (ED) has provisionally attached assets worth Rs.13.87 crore belonging to M/s Apkon Crushers and its partners under the PMLA. The assets consist of two immovable properties and five automobiles purchased with proceeds from crime.
On the basis of an FIR lodged by CBI in the year 2020 against M/s Apkon Crushers and its partners under IPC and section 13(2) r/w 13(1)(d) of the Prevention of Corruption Act 1988, ED launched an investigation under the Prevention of Money Laundering Act, 2002. The FIR was launched in response to a complaint made by the Chief Manager of Punjab National Bank, alleging that the business, through its partners, obtained credit facilities from the complainant bank using phoney and falsified audited balance sheets.
During the PMLA investigation, it was discovered that the firm fabricated its balance statement and changed the figures of stock in hand and receivables to get the credit facility from the bank unlawfully. Furthermore, the loan was diverted for the partners’ personal use and for reasons other than those for which it was sanctioned. The partners also failed to route the firm’s earnings through the cash credit account and failed to serve the interested responsibility. As a result, the account became non-performing in 2019. In this instance, the whole proceeds of the crime of Rs.13.87 crore have been attached. Further research is being conducted.
