The Chairman of M/s Associate High-Pressure Technologies Private Limited (AHPTPL), Mr. Manoharlal Satramdas Agicha, has been successfully apprehended by the Directorate of Enforcement (ED), marking a noteworthy milestone.
In a bank fraud case involving wrongful losses to the bank totaling 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, by 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 three days. Based on a formal complaint filed by the CBI under the Indian Penal Code, 1860, and the Prevention of Corruption Act, 1988, the ED has begun an inquiry against M/s Associate High-Pressure Technologies Pvt. Ltd and its directors/shareholders.
The results of the ED investigation showed that, among other ways, the loan amount was unlawfully diverted through the use of false inland letters of credit, fake unsecured loans, and commissions to connected companies. In this instance, the ED had previously carried out nine searches in Pune, Mumbai, Ahmedabad, and Kandla. The managing director of M/s AHPTPL, Ramchand Kotumal Issrani, was previously taken into custody by the ED on August 8, 23. On April 10, 23, one prosecution complaint was also filed in this case.
