AML Watchdog of India, Enforcement Directorate (ED) Attached Properties worth 185 Crore Belonging to Surya Pharmaceutical Ltd. and others under the Prevention of Money-laundering Act, 2002 in a bank fraud case. According to the media reports, Fifty percent share of house number 64, Sector 9, spread over six kanals belongs to the directors of Surya Pharmaceuticals Ltd, Rajiv Goyal, and Alka Goyal.
Who filed the complaint?
A case was registered by the Central Bureau of Investigations on charges of criminal conspiracy, cheating, and forgery under the provisions of the Prevention of Corruption Act against Surya Pharmaceuticals Ltd., its promoters, and directors Rajiv Goyal and Alka Goyal in 2018.
Pramod Aggarwal, director of Dubai-based Kobian Pvt. Ltd. and proprietor of Nimbus FZE, and Suhail Goel, director of Patiala-based Emsons Organic Ltd. have also been booked.
On the basis of two FIRs filed by the CBI in response to complaints made by the State Bank of India, Chandigarh, and the Punjab & Sind Bank, Karnal, against Surya Pharmaceuticals Ltd., Rajiv Goyal and others for committing an 828 crore rupee bank scam.
Modus operandi of fraud by Surya Pharmaceutical Ltd.
The Modus Operandi of the aforementioned fraud, according to PMLA Investigation, was obtaining Letters of Credit (LCs) against fictitious invoices. These letters of credit were issued in the names of related firms and the related firms later discounted these LCs.
They stole the revenues of the credit facilities obtained from the banks through a network of fraudulent transactions and utilized them to buy different assets in the names of the business, specific people, and related companies.
During the course of availing financial facilities pertaining to an Indian letter of credit from the bank, the accused had, in connivance with each other and other unknown persons cheated the bank by fabricating purchases and sales of the same products. In most cases, the counterparty to the transaction was Emsons Organics Private Limited. This company was controlled by Rajiv Goyal and Alka Goyal. There were 23 companies in the network of Rajiv and Alka Goyal.
There was no addition of processing value. Besides that Surya Pharmaceutical Ltd was wrongly showing the purchases of pharmaceutical products from entities that were dealing in information technology, telecommunication, electric and electronic products, which were not related to the business of Surya Pharmaceuticals.
