New Delhi: ED initiated investigations under PMLA on the basis of FIR RC No. RCBD 1/2018/E/0007 dated 12.04.2018 of the Central Bureau of Investigation, New Delhi under section 120 B read with 420, 467, 468 & 471 of IPC, 1860 and under section 13(2) read with 13 (1)(d) of P.C. Act against M/s.
Era Infra Engineering Limited (EIEL), Hem Singh Bharana, CMD, unknown public servants of the Bank, unknown private persons and others. The CBI case is related to criminal conspiracy, cheating, forgery & use of forged documents and criminal misconduct by Hem Singh Bharana of M/s. Era Infra Engineering Limited (EIEL) and other accused persons in sanction, disbursement & utilization of two term loans amounting to Rs. 650 Crores.
Investigations conducted by ED have revealed that the sanctioned funds were disbursed and utilized in a manner defying the sanctioned purpose. Out of Rs. 450 Crore disbursed by UCO Bank, an amount of Rs. 211 Crores & Rs. 25 Crore were utilized for purposes beyond the purview of the sanctioned terms. Amount diverted by EIEL comes to Rs. 236 Crore out of the term loan of Rs. 450 Crore.
Further an amount of Rs. 14.70 Crore diverted from the other sanctioned amount of Rs. 200 Crore and thus the total amount diverted by EIEL in this manner comes to Rs. 250.70 Crore which qualifies as ‘Proceeds of Crime’ under PMLA. Out of the total Proceeds of crime of Rs. 250.70 Crore, assets valued at Rs. 5.72 Crore were provisionally attached earlier which has been confirmed by Hon’ble Adjudicating Authority. Now including this provisional attachment of Rs. 33.71 crores, total attachment of assets in this case is Rs. 39.43 Crores.
Further investigations to trace & identify the proceeds of crime and assets are under progress.
