PANAJI
The Special Court under the Prevention of Money Laundering Act (PMLA) has taken cognizance of a Prosecution Complaint filed by the Directorate of Enforcement (ED) against 27 accused including M/s Ganindu Milk & Milk Products Pvt Ltd (GMMPL) for defrauding a bank of around Rs 40 crore.
The investigation by the ED stemmed from the Anti Corruption Branch (ACB) of the Central Bureau of Investigation (CBI), Goa also involving various entities within the Siddharth Group of Companies, including their Director and Promoters.
A press statement issued by the ED stated that investigation revealed that GMMPL obtained Term Loan of Rs 34.20 crore on March 15, 2011 from State Bank of India to set up a tetra pack milk production unit, that is, Ultra-Heat Treatment Plant (UHT) at Solapur in Maharashtra.
"GMMPL with dishonest intention, under the guise of procurement of UHT machinery, illegally diverted the term loan of Rs 20 crore into the bank accounts of other related Companies. Likewise, GMMPL had opened nine Letters of Credit (LCs) with SBI of Rs 19,01,98,670 was discounted for supply of butter. However, the said LC amount was not utilized for the purpose and instead diverted into the bank accounts of other related companies," it said.
Subsequently, a provisional attachment order dated October 06, 2021 was issued for attachment of 11 immovable properties and one movable property (FD) amounting to Rs 39,01, 98,670 which was subsequently confirmed by the AA, New Delhi through an order dated July 25, 2022.
The CBI had conducted an inquiry into the accused parties, including SBI officials who were allegedly involved in collusion with the fraudsters. The FIR stated that GMMPL had applied for a term loan but misappropriated and diverted the funds.
Despite being sanctioned a loan of Rs 34.2 crore in 2011 to establish the plant, the company failed to acquire the land or set up the intended plant.
