Enforcement Directorate
New Delhi: Enforcement Directorate (ED) has given Arvind Remedies Limited and its promoter Arvind B.C. Has raided the locations associated with Shah. In this connection, raids are going on in Chennai, Kolkata and Goa.
What is the whole matter?
The matter came to light after a complaint by Punjab National Bank (PNB). PNB had lodged a complaint with the CBI that Arvind Remedies Limited and its promoters had defrauded the banking system of about 637 crores. This fraud was not only limited to PNB, but was also done with other banks like United Bank of India, State Bank of India, IDBI Bank, Allahabad Bank, Karur Vaishya Bank, Indian Overseas Bank and Corporation Bank. All these banks gave a loan of more than 704 crores to the company.
294 bank accounts investigated
Investigations have revealed that instead of putting the loan amount in business, the company withdrew it through fake companies (shell companies) and benami accounts. The ED examined 294 bank accounts associated with the company and its promoters, in which it became clear. Due to this fraud, the accounts of all these banks were declared non-performing assets (NPA) between 2014 and 2015.
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