The Enforcement Directorate has carried out a major action in a big case of money laundering in Bhopal, the capital of Madhya Pradesh. ED in Bhopal M/s Advantage Overseas Pvt. Ltd. (AOPL) conducted a search operation. This action was taken under the Prevention of Money Laundering Act. During this time, the ED has found such documents in large quantities, which has shown that the company has illegally rigged money by creating many fake companies in the name of its employees and benami people.
The ED started this investigation on the basis of the FIR, which CBI, New Delhi registered against the Advance Overseas Private Limited and its directors. The FIR alleges that the company and its people were involved in cheating, forgery and scam with the bank by conspiring with some unknown government officials.
After getting the loan of the bank, the company itself NPA Done
These people caused a loss of about Rs 1266.63 crore to State Bank of India (SBI). ED investigation has revealed that the company exaggerated its turnover by 100 times to take more loans from the bank. After this, money was transferred to their other companies or related parties in the name of unsecured loans. This whole game was done through 73 different companies. Not only this, when all the money was rotated, the company declared itself NPA (Non-Performing Asset). After this, SBI was forced to register a case in the National Company Law Tribunal (NCLT).
Many companies worth 300 crore revealed in ED investigation
The ED found a large amount of such papers during the search operation, which is clear that the directors of the company and their colleagues have bought big properties in India and abroad. The price of the properties that have been detected in the investigation so far, the price has been estimated to be more than Rs 300 crore. The ED team said that the investigation is still going on and in the coming time there can be more big revelations in this matter.
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