Bhopal (Madhya Pradesh): The Directorate of Enforcement (ED), Bhopal, has filed a prosecution complaint before the Special Court against Excel Vehicles Pvt Ltd and its directors under the provisions of the Prevention of Money Laundering Act (PMLA).
The investigation was initiated based on an FIR registered by the CBI, ACB, Bhopal, against the company and its directors for allegedly defrauding a nationalised bank, causing a wrongful loss of approximately Rs 42 crore. Subsequently, the CBI filed a charge sheet before the Special Judicial Magistrate (CBI Cases), Indore.
During the investigation, a search operation conducted on Nov 6, 2024, led to the seizure of cash and ornaments amounting to Rs 1.09 crore. Further investigation revealed that the company had availed credit facilities of approximately Rs 42 crore by misrepresenting collateral securities and concealing the prior charge of one of the mortgaged properties with a private bank.
Substantial funds were found to have been diverted and siphoned off from the company s cash credit accounts to various sister concerns and related entities without legitimate business justification, indicating layering and diversion of funds.
Earlier, the ED had provisionally attached two immovable properties valued at approximately Rs 12.62 crore. These properties include agricultural land and a commercial plot located in Kolar tehsil, Bhopal.
