Mumbai: The Mumbai unit of the Enforcement Directorate (ED) has provisionally attached immovable properties in the form of land, residential flats, and a commercial building situated in Mumbai and Jaunpur, Uttar Pradesh, worth Rs. 4.19 crore.
This action was taken on Thursday under the provisions of the Prevention of Money Laundering Act (PMLA). The properties belong to Ashok Kumar Singh, Aashish Kumar Singh, Sadashiv (also known as Mehul Pandey), and Janardhan Pandey, through their beneficially owned companies/entities, in connection with a bank fraud case involving M/s. Ashoka Property Developers and others.
The ED initiated its investigation following a complaint by the Central Bank of India, prompting the Central Bureau of Investigation's (CBI) Economic Offences Wing (EOW) in Mumbai to launch an inquiry. Subsequently, the CBI filed a chargesheet detailing the alleged fraudulent activities carried out by Ashoka Property Developers and its proprietor.
Investigative findings suggest that Ashok Kumar Singh, acting as the proprietor of M/s. Ashoka Property Developers, along with Ashish Kumar Singh and their associates, executed a criminal conspiracy using fabricated and forged documents. Their intention was to deceive banks into sanctioning loans amounting to Rs. 17 crore, funds from which were siphoned off through diversion and layering via related and shell entities for personal gain, with no intention of repaying the borrowed amount.
