In a bank fraud case involving wrongful losses to the bank totalling Rs. 149.89 crores, the Directorate of Enforcement (ED) detained Manoharlal Satramdas Agicha, Chairman of M/s Associate High-Pressure Technologies Private Limited (AHPTPL), on November 10, 2023, in accordance with the provisions of the Prevention of Money Laundering Act, 2002. Following his appearance before the Hon’ble Special PMLA Court in Mumbai, Manoharlal Satramdas Agicha was granted custody of him by the ED for a period of three days.
Based on a formal complaint filed by the CBI under many provisions of the Indian Penal Code, 1860, and the Prevention of Corruption Act, 1988, the ED has begun an inquiry into M/s Associate High-Pressure Technologies Pvt. Ltd. (AHPTPL), its directors, and its shareholders.
The results of the ED investigation showed that, among other ways, the loan amount was unlawfully routed through fake unsecured loans, commissions to connected firms, and fraudulent inland letters of credit.The ED has already conducted nine searches in Pune, Mumbai, Ahmedabad, and Kandla in this case. The managing director of M/s AHPTPL, Ramchand Kotumal Issrani, was previously detained by the ED on August 8, 23 and is still in judicial custody. On April 10, 23, one prosecution complaint was also filed in this matter.
Despite many summonses impeding the probe, Manoharlal Satramdas Agicha has not appeared before the ED and has been absconding during the PMLA, 2002 inquiry. In the meantime, Manoharlal had been switching phones and SIM cards a lot, thus intelligence had been accumulated for some time to track him down.
In the end, on 10.11.23, the residential property in Pune where the aforementioned individual had been hiding to evade the legal processes was searched. Once within the premises, he was apprehended under Section 19 of the PMLA, 2002. Further research is now being conducted.
