Mumbai: The special court under the Prevention of Money Laundering Act (PMLA) has accepted another closure report submitted by the Enforcement Directorate (ED) against M/s Avyaan Overseas Pvt Ltd (M/s Bagla Overseas Pvt Ltd.), its managing director Mohit Kamboj and others in a money laundering case lodged by the CBI in 2020 after a complaint filed by Bank of India.
Earlier, the court had accepted the ED’s closure report in a case related to Tenet Exim Pvt Ltd. The ED had submitted a closure report after it was revealed that the predicate offence – the case lodged by CBI for cheating on the complaint of Bank of Baroda – had been closed and the special court had accepted the CBI’s closure report. The CBI registered the case on the complaint of Bank of India against Bagla Overseas (earlier known as Avyaan Overseas Pvt Ltd), Kamboj (MD and guarantor), Jitendra Gulshan Kapoor (director and guarantor), the late Naresh Madanji Kapoor, M/s KBJ Hotels Goa Pvt Ltd, Siddhant R Bagla, and Irtesh Mishra (directors of Bagla Overseas).
The FIR alleged that Avyaan had secured a credit of Rs60 crore from Bank of India for export. However, the company did not route its transactions through the bank and instead raised bills on sister concerns. Funds were diverted for the purchase of properties in the names of family members, and the export proceeds were never realised, leading the account to become a non-performing asset NPA).
It was alleged that the bank suffered a loss of Rs 67.22 crore after the account was declared NPA. Subsequently, the borrower submitted a one-time settlement proposal on November 20, 2017. However, when the bank called for the valuation of the collateral in Goa, a report showed that the value of the property was Rs12.51 crore, as against Rs41.43 crore in an earlier report.
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