New Delhi: The Directorate of Enforcement (ED) has filed a chargesheet against Kudos Chemie Ltd., Kudos Holdings Pvt Ltd. and its directors namely Jitendra Singh and Gurmeet Sodhi under the Prevention of Money Laundering Act.
The investigative agency initiated the investigation on basis of FIR registered by CBI under sections 120-B r/w 420,467, 468 & 471 of IPC for bank fraud with the consortium of banks led by Punjab National Bank.
ED investigation revealed that Jitendra Singh and Gurmeet Sodhi, directors of M/s Kudos Chemie Ltd, prepared forged export bills and got them discounted with the banks fraudulently. They also diverted loan funds to the related concern namely M/s Kudos Holdings Pvt. Ltd. being a shell company and through round-tripping showed the diverted funds as their own capital and took more loans from the banks.
Directors of the company also used company loan funds for buying properties in individual names. In this case, the immovable properties amounting to Rs. 343 crores stand attached by ED.
Further investigation, in this case, is in progress.
