Mumbai: The Enforcement Directorate has accused Ajit Kulkarni of M/s Pratibha Industries Ltd (PIL) and 33 others of money laundering to the tune of Rs 4,957.31 crore in the alleged bank fraud case. The Special PMLA Court on Monday issued summons to Kulkarni and other accused while accepting the prosecution complaint submitted by the ED.
The Special PMLA Court, while taking cognisance of the prosecution complaint, said that "the accused persons are found in manipulating sale-purchase documents without actual movements of goods. It is particularly seen that the money taken from Consortium Bank was siphoned off in utilising and acquiring various movable and immovable properties."
ED alleges money trail
"The prosecution in its investigation has found documents of properties purchased by utilising the proceeds of crime. Some of the properties were also disposed of and sale consideration receipts were also exhausted by the accused persons. It is pertinent to note that the complaint lodged by the ED shows money trail wherein the purchase originated from M/s PIL," the court said while taking cognisance of the prosecution complaint.
PIL, a partnership firm set up in 1995, was specialised in designing, engineering and execution of various infrastructure projects. Some of the key clients of PIL were Delhi Metro Rail Corporation (DMRC), Delhi Jal Board (DJB), Municipal Corporation of Greater Mumbai (MCGM), PHED Rajasthan and MCD Car Park.
Bank fraud allegations
The prosecution alleged that the investigation revealed that it had executed more than 100 projects of various government and private sectors since 2010.
Initially, M/s PIL availed a bank limit of Rs 1,331.15 crore from the Consortium Bank and revised it from time to time, but failed to repay the same.
It was found that the company deviated from the primary purpose of utilising the sanctioned limit and used funds for other purposes. Since the financial year 2013-14, it has faced severe cash liquidity crises and engaged in issuing false Letters of Credit and Bank Guarantees, the prosecution has alleged.
It is further alleged that the investigation revealed that "all the accused persons hatched the conspiracy and defrauded Consortium of 17 Banks for an amount of Rs 4,957.31 crore, which is proceeds of crime generated by them."
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Court takes cognisance
Accepting ED's complaint against the accused, the court said that, "It is pertinent to note that the complaint lodged by the ED shows money trail wherein the purchase originated from M/s PIL. The complaint also reveals about the specific role of each and every accused and the money trail siphoned off by each of them. Thus, from the complaint and the material placed on record, prima facie depicts and discloses the consistent and systematic course of conduct by the accused persons in siphoning off the money."
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