PANAJI
Several places across Goa and other states were searched by the Directorate of Enforcement (ED), Chennai Zonal Office into an investigation against M/s Arvind Remedies Ltd under the Prevention of Money Laundering Act 2002.
A press statement issued by the ED stated that the search operations covered premises of promoters, dummy directors and key persons at Chennai, Kancheepuram, Goa, Kolkata and Mumbai.
ED initiated investigations under PMLA based on the FIR registered by CBI. The FIR was registered based on the complaint of Punjab National Bank wherein it was alleged that Arvind Remedies Ltd and its promoter Arvind B Shah and others cheated the consortium of banks to the extent of Rs 637 crore.
PNB was the leader of consortium of banks consisting of various banks namely United Bank of India, State Bank of India, IDBI Bank, Allahabad Bank, Karur Vysya Bank, Indian Overseas Bank, Corporation Bank which have extended various credit facilities (cash credit, term loan and non-fund based) to the tune of Rs 704.75 crore against which Rs 637.58 crore was outstanding as per the books of the banks as on September 30, 2016. All the bank loan accounts had been declared as NPA.
