The Enforcement Directorate on Wednesday carried out raids on a sugar manufacturing facility and different entities in Maharashtra in reference to a cash laundering case involving an alleged financial institution mortgage fraud.
The monetary investigation company carried out raids in Mumbai, Karjat, Baramati and Pune and seized varied incriminating paperwork, digital units and money price Rs 1.95 crore.
The searches had been carried out at premises related to Shree Shiv Parvati Sakhar Karkhana, Hitech Engineering Company India and its administrators Nandkumar Tasgaonkar, Sanjay Awate and Rajendra Ingasale.
The ED launched an investigation based mostly on an FIR registered by the Central Bureau of Investigation (CBI) in opposition to Shree Shiv Parvati Sakhar Karkhana and its administrators for fabricating accounts, forging and fabricating paperwork to acquire unlawful monetary acquire.
The CBI was registered in March 2023 following a criticism from Punjab Nationwide Financial institution, alleging a lack of Rs 98.54 crore to the financial institution.
ED investigation revealed that the sugar mill took a Rs 100-crore mortgage from the financial institution however didn’t contribute its due share of Rs 71.19 million to the challenge, which was one of many situations for getting the mortgage.
Subsequently, a lot of the mortgage was siphoned off by its administrators and sister corporations – Tasgaonkar Building Ltd, Tasgaonkar Industries Ltd and its affiliate Hitech Engineering Company India.
