Four real estate properties valued at Rs. 45.23 crore have been provisionally attached by the Directorate of Enforcement (ED) in connection with a bank fraud case involving M/s Associate High Pressure Technologies Pvt Ltd (AHPTL).
Included in the attached properties are three flats in Bandra Mumbai, valued at a combined total of Rs. 7.84 crore, owned by promoter directors of M/s AHPTL Ramchand Kotumal Issrani, Mohamed Farouk Suleman Darvesh, and Manoharlal Satramdas Agicha, and a land parcel valued at Rs. 37.39 crore located in Distt Anjar, Gujrat.
Based on a formal complaint against AHPTL filed by the CBI under many provisions of the Indian Penal Code, 1860, and the Prevention of Corruption Act, 1988, the ED opened an inquiry. The CBI filed the aforementioned FIR in response to Union Bank of India’s complaint that they had been defrauded. Here, the proceeds of Crime of Rs 149.89 Crore have been quantified by ED.
A significant percentage of the loan amount obtained from the Union of India was diverted, according to an ED investigation, through the use of fictitious LCs, unsecured loans to connected firms, unpaid export revenues, fictitious commissions to connected entities, and other means. In this instance, the ED searched 12 locations in Pune, Gandhidham, and Mumbai. In this instance, the ED detained Ramchand Kotumal Issrani and Manoharlal Satramdas Agicha, who are being detained by the courts.
The ED has filed a single prosecution complaint dated 04.10.2023, listing M/s AHPTL and Ramchand Kotumal Issrani as accused parties. The appropriate court has granted recognition to the aforementioned PC. Additional research is currently being conducted.
