ED arrests absconder wanted in ₹100-crore worth bank loan frauds

The Enforcement Directorate on Tuesday stated it has arrested an absconder who was wanted in alleged bank frauds worth about ₹100 crore beneath cash laundering expenses from the Ahmedabad worldwide airport.

Narendra Kumar Patel, director of Jay Ambe Gauri Chem Limited, was produced earlier than a particular Prevention of Money Laundering Act (PMLA) court docket in Hyderabad that despatched him to ED custody until January 29, the central company stated in a press release.

“Patel had deliberately absconded in 2015 and had fled the country along with his family and was residing in the USA. He could not be interrogated by the CBI. He was purposefully staying abroad and was enjoying the proceeds of crime,” it stated.

Last yr, the ED had issued a glance out round (LOC) towards him based mostly on which the immigration authorities detained him on the Ahmedabad worldwide airport and intimated the company.

The ED cash laundering case towards the businessman relies on a 2018 CBI FIR that alleged that Patel and others “had committed fraud and cheated the SBI to the tune of ₹65.29 crore”.

The ED stated its probe discovered that the “State Bank of Bikaner & Jaipur had also declared Jay Ambe Gowri Chem Limited, Patel and other directors of the company as wilful defaulters to the tune of ₹36.14 crore”.

The CBI in Chennai had additionally filed an FIR towards them in 2016 after the Exim Bank filed a criticism towards the accused.

“Neither the company nor its directors repaid loan to Exim Bank causing a loss of ₹30.76 crore to the Exim Bank.” “It was revealed that Jay Ambe Gowri Chem Limited also availed a loan of Rs 8 crore from Development Credit Bank Limited which is also not yet paid,” the ED stated.

Thus, the company claimed, the “accused and its company were responsible for loan frauds of amount in excess of ₹100 crore”.