New Delhi: The Enforcement Directorate (ED) on Friday conducted searches in office & residential premises of Directors of M/s M.K. Patel Exim Pvt Ltd in a bank fraud case. Searches have resulted in seizure of huge property documents, bank accounts documents and other incriminating documents.
Based on CBI FIR case under the Prevention of Money Laundering Act, 2002 (PMLA) was taken up by the Enforcement Directorate in a bank fraud case against M.K. Patel Exim Pvt Ltd, its directors and guarantors. It is alleged that the said company and its directors namely Om Prakash Pandey and Prakash Pandey and others cheated a consortium of banks comprising of IDBI, ICICI and led by Bank of Baroda to the tune of around Rs. 50 crores.
Further, it is alleged that the accused persons opened inland and foreign LCs for purchase of timber in the name of sister concerns based in Kolkata and Singapore and diverted the sale proceeds.
