PMLA Case: Summons To Pune-Based Brewery, Its MD, 8 Others

The Special PMLA court has issued summons to Pune-based Breweries Private Limited (JBPL), its managing director and eight others in a money laundering case related to allegedly obtaining a loan of more than Rs83 crore from United Bank of India through forgery.

The Special judge MG Deshpande recently took cognisance of the complaint filed against Shinde and his firm JBPL and other eight accused which includes firms to which the funds were transferred.

Details of fraud

It was alleged that Shinde approached Arvind Gagare, proprietor of M/s Samarth Industries for designing, manufacturing and supply of grain-based distillery plant situated at MIDC, Umarga, Osmanabad. An MoU between the two firms was signed on October 3, 2009. It is claimed that Shinde misused the documents and in connivance with various bank officials opened false and fabricated accounts in the name of M/s Samarth Industries Pvt Ltd in Saraswat Coop Bank, Pune and Gadhinglaj Urban Coop Bank. He also opened seven other bank accounts in the name of other people with Saraswat Bank at Pune.

The probe by ED revealed that eight accounts were opened with an intention to do circular transactions to inflate the balance sheet and avoided payment of margin money for the availment of loans from the banks.

ED had claimed that on the basis of such transactions, the consortium of banks led by Punjab and National Bank, erstwhile United Bank of India, were deceitfully influenced to sanction loan totalling of Rs83.33 crore for setting up of a brewery plant at Osmanabad.

ED had claimed that the investigations conducted under PMLA revealed that the funds received were found to be layered amongst various entities and ultimately the tainted funds obtained by such loan was used to pay off previous debts, various bank charges and vendor payments for setting up of brewery plant at Osmanabad.

Court's observations

The special judge after going through the contents in the prosecution complaint observed, "The prosecution complaint also demonstrates such a trail of money, its siphoning off by way of placing, layering and integration." The court further said that there is ample material and evidence to hold the accused for proceedings against them for offence punishable under the relevant provisions of PMLA.