Enforcement Directorate arrests Ratul Puri for 355 crore Loan Fraud

Highlights:

  1. Ratul Puri, a former executive director of Moser Baer has been arrested by Enforcement Directorate (ED), alleged to be involved in money laundering.
  2. The court has asked the agency to take Ratul Puri in custody for 4 more days.
  3. Accommodation entries amounting to approximately Rs 250 crore in the form of unsecured loans and share application money have been provided to M/s Aqua Electronics and Solutions Pvt Ltd and M/s Legend Power Pvt Ltd.

The Enforcement Directorate (ED) purported that 2 group organizations of Moser Baer used to deviate and divert funds from INR 355 crore loan fraud in Central Bank of India. 

Ratul Puri, a former executive director of Moser Baer has been arrested by Enforcement Directorate (ED), alleged to be involved in money laundering. Ratul Puri is known to be nephew of Madhya Pradesh CM, Kamal Nath.

“Accommodation entries amounting to approximately Rs 250 crore in the form of unsecured loans and share application money have been provided to M/s Aqua Electronics and Solutions Pvt Ltd and M/s Legend Power Pvt Ltd (group companies in Moser Baer under Ratul Puri). The said companies have been used to route and divert funds involved in the bank fraud,” quoted by the ED to a local court.

The court has asked the agency to take Ratul Puri in custody for 4 more days. In the last 4 days the Enforcement agency summoned 28 people and statements of 20 of them were recorded.

“The statements only highlight the role and influence of Ratul Puri in Moser Baer and his involvement in the instant case.”

The agency reported Puri rejected all the allegations pointed towards him. The agency is seeking further proof and documents from the CBI, banks and other professionals who handled company’s insolvency and bankruptcy process.

“Entries and accounts recovered by the ED from crucial persons linked to the case corroborate the modus operandi adopted by the accused and trail of money which is being deciphered.

While Puri has maintained that he was not actively involved in the affairs of Moser Baer since 2009-2010, this stands “contradicted by the investigation which has revealed that he was constantly managing the affairs of Moser Baer, said by the agency.

Visit InstaFinancials and reach out to us. We provide Financial Insights of all companies in India along with providing financial reports and crucial public documents of any company in India. Visit our blog https://blog.instafinancials.com/to get the latest updates and news on the Indian Corporate.

For any queries contact our Customer Care – +91 7879776776.

#KnowYourCompany #KnowYourCompetitor #KnowYourCustomer

Important Link:

  1. Ratul Puri bank fraud case: Two Moser Baer firms under ED scanner for alleged fund diversion
Advertisements

Post a Query or Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: