ED arrests Niketa Baldevbhai Dave for Rs 25 co-operative bank fraud
The agency arrested Ms. Niketa Baldevbhai, Dave Director of M/s Pentium Infotech Ltd. & M/s Hirak Biotech Ltd in a case relating to fraud in Ahmedabad People’s Co-operative Bank Ltd.
New Delhi: The Enforcement Directorate (ED) on Thursday arrested the director of an Ahmedabad-based biotech company on charges of money laundering in connection with an alleged co-operative bank fraud.
The agency arrested Ms. Niketa Baldevbhai, Dave Director of M/s Pentium Infotech Ltd. & M/s Hirak Biotech Ltd in a case relating to fraud in Ahmedabad People’s Co-operative Bank Ltd.
The accused was produced in the an Ahmedabad court which remanded the accused to 4 days ED custody.
The central probe agency said in a statement that Dave, another director of these firms- Pratik R Shah- and others allegedly “committed fraud of Rs 25.25 crore with the Ahmedabad People”s Cooperative Bank Ltd (APCBL)” and were first booked by the CID-crime branch of the Gujarat Police in May, 2009.
Investigation under PMLA revealed that Pratik R. Shah & Ms. Niketa Baldevbhai Dave being the Directors of M/s Pentium Infotech Ltd. and M/s Hirak Biotech Ltd. opened FDOD (overdraft accounts against fixed deposits) loan accounts in APCBL and these companies defaulted on payment causing loss of Rs.25.25 Crore to APCBL.
Further, 20 IBL accounts having Rs. 50.00 lacs sanctioned to each account were also opened from APCBL by Pratik R. Shah in the name of his office staffs/firms/associates, out of which, Niketa Baldevbhai Dave as a director/proprietor/ partner applied for loan for 07 out of 20 firms namely S J Securities Ltd., Pioneer Mercantile Ltd., Vitale Bio Science Ltd., Satark Real Estate Ltd., Jupiter Business Ltd., Lakshya securities & credit Holding Ltd. and Arihant Jewellers.
Investigations under PMLA also revealed that Pratik R. Shah and Ms. Niketa Baldevbhai Dave, Directors of M/s Hirak Biotech Ltd. had passed board resolution on 25.02.2020 to authorize Ms. Niketa Baldevbhai Dave, to sign, deal, sell/transfer/ dispose of non-agricultural land held in the name of M/s Hirak Biotech Ltd, situated at Sachana.
The accused has played an active role in disposing of proceeds of crime and accordingly she was arrested and she is under custodial interrogation.