ED issued order to attach assets worth Rs 62 crore of pvt firm in bank fraud case

Somendra SharmaUpdated: Friday, May 27, 2022, 04:30 PM IST
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The Enforcement Directorate (ED) has issued the Provisional Attachment Order for attachment of immovable properties of M/s Nipko Engineering Services Pvt Ltd, amounting to Rs 62.70 crore in a Bank fraud case.

The ED had initiated a money laundering investigation in the year 2020 on the basis of FIR registered by CBI, ACB Pune, wherein a complaint was filed against the said company, Mr. Narendra Achyut Rao Korde, Director, unknown officials of Andhra Bank and other persons for a Bank Fraud of approximately Rs 72.99 crore.

"The modus operandi used for laundering the funds was that the accused obtained false or fake purchase orders from different companies or firms and thereafter prepared forged supporting documents such as Invoices, Delivery Challans, Goods Receipts Notes etc. to show the genuine transactions of goods between the companies," the agency claimed.

"Thereafter, these said documents along with application for bill discounting were submitted to Andhra Bank. Thereafter other associates such as directors/proprietors/authorized signatories of fictitious buyers companies used to give acceptance of the said bills to their respective banks wherein no physical transactions of goods was done. The said fake bills were discounted and amounts were credited in companies’ account of Mr. Narendra Korde. The said funds were further laundered in the guise of payment to third parties / fictitious firms and cash withdrawal and were layered and integrated in the Bank account of various other companies to hide the original source of Proceeds of Crime and utilized for acquiring the immovable properties worth Rs 62.70 crore, which have been Provisionally Attached," the agency officials claimed.

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