The Enforcement Directorate (ED) on Thursday seized ₹1.15 crore cash, mobile phones and property documents, after raiding the premises of a Punjab-based Pure Milk Products Pvt Ltd and its owners on charges of defrauding a bank for ₹62.13 crore borrowed money.
The searches were carried out at 11 business and residential premises of Pure Milk Products Pvt Ltd (PMPPL), its directors — Charanjit Singh Bajaj, Livtar Bajaj and Gurdeep Kaur, their associated entities, along with the premises of their associates, the ED said in a statement.
Loan Laundering
The agency, which began its probe on the basis of an FIR registered by the Central Bureau of Investigation (CBI), suspects that the accused have laundered the bank loan. The company has “committed the offence of forgery, cheating, submission of forged documents as genuine, and other offences,” the CBI alleged in the FIR. The bank had given credit facilities of ₹62.13 crore to PMPPL. Of that, the total non performing asset amount was ₹60.74 crore as on October 31, 2019,” the CBI had charged. “The loan availed on the basis of inflated turnover was diverted or siphoned off by the... entities,” it said.
Property documents, mobile phones and cash of about ₹1.15 crore have been seized from the searched premises under the provisions of the Prevention of Money Laundering Act (PMLA), the agency said.
Established in the year 1989 at Ludhiana in Punjab, the company sells its products under the brand name of “Malwa” and has a turnover of ₹50 crore to ₹100 crore.