In accordance with the provisions of the Prevention of Money Laundering Act (PMLA), 2002, the Directorate of Enforcement (ED), Bhopal has temporarily attached 10 immovable assets located in Satna and Sehore, Madhya Pradesh, valued at Rs. 2.36 Crore on March 30, 2024. This is in the case of M/s Nava Bharat Press (Bhopal) Pvt Ltd.
Based on a chargesheet against M/s Nava Bharat Press (Bhopal) Pvt Ltd filed by the CBI, SPE, BS & FC, New Delhi under many sections of the Indian Penal Code, 1860, the ED opened an investigation.
According to an ED investigation, M/s Nava Bharat Press (Bhopal) Pvt Ltd. obtained a number of credit facilities for press modernization and machinery purchases in 2004 from the Bank of Maharashtra, Gautam Nagar branch, Bhopal, through its Director Sumeet Maheshwari and others. However, the loan amount approved for the purchase of machinery and other capital expenses was misused by using bank accounts belonging to different businesses that were owned by Sundeep Maheshwari, the brother of Sumeet Maheshwari, who controlled the Enbee group of companies.
The Maheswari family, the proprietors of M/s Nava Bharat Press (Bhopal) Pvt Ltd, was discovered to have misappropriated the loan amount and misused it for personal and corporate liabilities. This resulted in the loan account becoming non-performing, and the Maheswari family defrauded the Bank of Maharashtra, Gautam Nagar, Bhopal, for Rs. 15.67 Crore.
Ten properties in the Madhya Pradesh districts of Satna and Sehore were found to be registered in the names of M/s Nava Bharat Press (Bhopal) Pvt Ltd and Maheshwari family members throughout the course of the inquiry. A Provisional Attachment Order, dated 30.03.2024, was issued in accordance with the provisions of the PMLA, 2002, attaching these ten immovable assets valued at Rs. 2.36 Crore, situated in Satna and Sehore, Madhya Pradesh. Additional research is currently being conducted.
