New Delhi: The Enforcement Directorate (ED) has said that they have arrested Gyan Prakash Sarawgi, the Director of Sarawgi Builders and Promoters Pvt Ltd in connection with a Prevention of Money Laundering case related to availing bank loans fraudulently on the pretext of investing the same in textiles and garments.
Sarawgi was produced before the Additional District and Sessions Judge under PMLA, Ranchi and the court granted 7 days custody of the accused to the ED, said an official on Thursday.
The ED initiated money laundering investigation on the basis of 3 FIRs registered by the CBI against Sarawgi and his firms.
“The total amount of fraud, NPAs as per these FIRs worked out to be Rs. 31.24 Crore. However, during the course of investigation under PMLA, the quantum of proceeds of crime was found to be in excess of Rs 75 crore,” said the ED official.
The ED learnt in the investigation that bank loans were finally laundered into the accounts of Sarawgi Builders and Promoters Pvt ltd, which was primarily engaged in Real Estate business through a maze of transactions involving many intermediary companies.
It was also learnt that the bank loans were utilized to create and acquire immovable properties which had been disposed off by the accused and the proceeds so obtained had also been siphoned off through numerous bank accounts which were under his control.
In December, the ED had conducted search operation at the premises beloning to the accused and others during which incriminating documents were recovered.
“The scrutiny of such documents have revealed that the accused person and others have indulged in large value transactions both in cash as well as through banking channels which appeared fictitious,” said the ED official.
Further investigation in the matter is underway.