The Directorate of Enforcement (ED) has provisionally attached properties worth 24.94 Crore of M/s Pure Milk Products Private Limited, a Ludhiana-based company, Charanjit Singh Bajaj and Smt. Gurdeep Kaur, both Directors/Guarantors of M/s Pure Milk Products Private Limited, in connection with a bank fraud case.
In connection with a case of bank fraud, the Enforcement Directorate (ED) has provisionally attached properties worth ₹24.94 Crore. The attached properties include land, building, plant, and machinery owned by M/s Pure Milk Products Private Limited, situated at village Alamgir, Malerkotla Road, Ludhiana, Punjab. Additionally, various immovable properties registered under the names of Charanjit Singh Bajaj and Smt. Gurdeep Kaur, who serves as Directors and Guarantors of M/s Pure Milk Products Private Limited, has also been attached in Ludhiana.
The ED launched an investigation under the Prevention of Money Laundering Act, of 2002, based on a First Information Report (FIR) registered by the Central Bureau of Investigation (CBI) in 2019. The FIR was filed following a complaint lodged by the State Bank of India against M/s Pure Milk Products Private Limited and its Directors/Guarantors for offences such as forgery, cheating, and misappropriation of a loan amounting to Rs. 60.74 Crore. The CBI has since filed a chargesheet at the CBI special court in Mohali.
During the ED’s investigation, it was uncovered that M/s Pure Milk Products Private Limited fraudulently obtained loans from the State Bank of India by falsifying their books of accounts. The loan amount was then diverted using various means, such as making payments to non-existent or paper firms/companies, purchasing immovable properties under the names of the company’s Directors/Guarantors, transferring funds to affiliated businesses, and using the amounts for interest payments and car loan repayments.
On December 27, 2022, the ED conducted a search operation at 11 different locations in Punjab as part of the investigation. This operation resulted in the collection and seizure of property-related documents, mobile phones, gold coins, and Indian currency amounting to $1.15 million. Further research and investigation are currently underway.
