ABC Cotspin Pvt. Ltd. and other related entities’ movable and immovable assets worth Rs. 17.70 crores have been temporarily attached by PAO dated 10.06.2022, according to the Directorate of Enforcement (ED).
The Prevention of Money Laundering Act, 2002 (PMLA) investigations against M/s ABC Cotspin Pvt. Ltd. and its director Mr Ashish Sureshbhai Jobanputra and others were started by the Enforcement Directorate on the basis of the case filed by CBI, BS & FC, Mumbai against the above accused and accomplices under the Indian Penal Code (IPC) and Prevention of Corruption (PC) Act, where it is alleged that M/s ABC Cot According to an ED investigation, the aforementioned firm was using the Bill Discounting services of the aforementioned banks in exchange for Letters of Credit from premier banks.
Without actually exporting anything during the years 2014 to 2015, the main suspect, Mr Ashish S. Jobanputra, produced and signed fictitious export paperwork, then gave them to SBI and BoB. These fraudulent export bills, which are still unpaid and cost the banks money, were discounted by Mr Ashish Jobanputra from the banks.
Currently, the ED has located several properties held in the names of M/s ABC Cotspin Pvt. Ltd. and other connected entities/persons and attached movable and immovable properties worth Rs. 17.70 Crore. The lawsuit has accrued a total attachment of Rs. 31.20 billion. The probe is being expanded upon.
