Bhopal (Madhya Pradesh): The Directorate of Enforcement (ED), Indore, has filed a prosecution complaint against Ram Patidar, proprietor of M/s Narmada Sheet Grih, and others under the Prevention of Money Laundering Act (PMLA) before the special court (PMLA) in Indore on Tuesday.
The court issued notices to Ram Patidar and other accused persons on the same day.
The ED initiated an investigation based on an FIR registered by the CBI against Ram Patidar and others for allegedly defrauding a nationalised bank and causing loss to it.
The ED investigation revealed that Patidar had taken a term loan of Rs 3.50 crore from the bank for the construction of a cold storage facility in the name of M/s Narmada Sheet Grih.
However, instead of utilising the loan amount for the intended purpose, the funds were diverted to multiple accounts controlled and managed by him, as well as to the accounts of other associated individuals, namely Parmanand Patidar, Mahindra Patidar and Mithun Dawar.
As a result of these alleged illegal activities, Ram Patidar and other accused persons caused a loss of Rs 3.36 crore to the bank while deriving corresponding wrongful gains.
Earlier, the ED had provisionally attached immovable properties with a market value of nearly Rs 4 crore in the matter.
