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Bank fraud case: ED conducts searches at 10 premises in Mumbai, Parbhani

ANI | Updated: Jun 06, 2019 22:18 IST

Mumbai (Maharashtra) [India], June 6 (ANI): Enforcement Directorate(ED) has conducted searches under Prevention of Money Laundering Act (PMLA) at 10 premises in Mumbai and Parbhani in a bank fraud case.
The case involves Ratnakar Gutte, chairman of Gangakhed Sugar and Energy Pvt Ltd (GSEPL) and others, read a statement from ED.
GSEPL has fraudulently availed loans from Andhra bank, UCO Bank, United Bank of India, Bank of India, Syndicate Bank, Ratnakar Bank in the guise of 'crop loan' to 8-10 thousand farmers on the basis of guarantee given by GSEPL, the statement read.
The Directorate has initiated investigations under PMLA against GSEPL and others on the basis of an FIR registered by Gangakhed Police Station, Parbhani against Gutte and Directors of GSEPL among others.
It has been alleged in the FIR that during the period from 2012 to July 2017, GSEPL through Gutte, its Directors and its employees, created forged documents like 7/12 extract, photographs and other fraudulent documents of eight to 10 thousand farmers in order to avail crop loans.
These loans were illegally availed from various banks in the name of non-existing/bogus farmers and even in the name of some of the dead farmers.
"Further bogus saving accounts were created in these names and GSEPL submitted these bogus documents on the basis of which crop loans were sanctioned. Accused Ratnakar Gutte, Chairman, Board of Directors, Agricultural officers and employees of GSEPL entered into a criminal conspiracy to siphon off the loans sanctioned by various banks, in which the bank officers and its employees were also involved. The sanctioned crop loan amount was deposited in these bogus saving account of the farmers and on the same day the entire amount was transferred in the current account of GSEPL," ED stated.
It is further alleged that amount of Rs. 328 crore were siphoned off by GSEPL by diverting the loans given by Andhra bank, UCO Bank, United Bank of India, Bank of India, Syndicate Bank, Ratnakar Bank as 'crop loan' in their 23 different related concerns.
Further investigation in the case is currently on. (ANI)