In a bank fraud case involving M/s Jasleen Enterprises, Hyderabad, the Directorate of Enforcement (ED), Hyderabad, has attached immovable property valued at Rs. 70 Lakh in accordance with the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
Based on a complaint filed by Union Bank of India regarding the diversion of a loan amount totalling Rs. 12 Crore, the Economic Offence Wing of the CBI in Chennai filed a First Information Report (FIR) under various sections of the IPC, 1860, and the Prevention of Corruption (PC) Act, 1988 against M/s. Jasleen Enterprises & others. This led the ED to begin an investigation.
An ED inquiry revealed that M/s Jasleen Enterprises submitted falsified or fictitious papers to Union Bank of India in order to secure a loan in the form of cash credit facilities. They then illegally transferred the loan amount to their sister companies, related entities, and the partners’ personal bank accounts. The aforementioned loan account became non-performing due to M/s Jasleen Enterprises’ act of diversion of loan funds.
The ED inquiry further showed that the primary perpetrator of the submission of falsified or fake papers, which served as the basis for the loan’s approval, was Ranbeer Singh Gandhi, Managing Director of M/s Amrik Furnitures Limited and Partner of M/s Jasleen Enterprises. Moreover, M/s Jasleen Enterprises misappropriated loan monies into accounts of other companies that Ranbeer Singh Gandhi established in the names of his family members and workers, but which he nonetheless managed and controlled. Ranbeer Singh Gandhi additionally transferred loan monies into his own and his wife’s personal bank accounts.
Following the CBI, EOW, and ED investigations, M/s Jasleen Enterprises contacted the bank in 2021 for a One Time Settlement (OTS). The bank resolved the matter for Rs. 11.30 Crore in 2022, with the remaining Rs. 70 Lakh in bank money being classified as PoC.
