- विज्ञापन -
New Delhi: In a statement released on Thursday the Enforcement Directorate (ED) has said that they have attached several immovable properties worth Rs 442.85 crore in the bank fraud case of erstwhile Kwality Ltd under the Prevention of Money Laundering Act (PMLA), 2002.
As per the agency, the driver and security guard of the promoters were the directors in such companies.
ED said it initiated investigations based on the First Information Report registered by the Central Bureau of Investigation (CBI) against Siddhant Gupta and Sanjay Dhingra of Kwality Ltd for cheating banks.
The agency said that Kwality Ltd was engaged in processing, and trading of milk, ice creams and various dairy products.
The attached properties comprise a farmhouse at DLF Chhatarpur (12,000 sq yards), residential properties at Vasant Vihar and Punjabi Bagh and several residential plots at Karnal and Mohali. The properties were owned by the then-erstwhile promoters Siddhant Gupta and Sanjay Dhingra of Kwality Limited through dummy companies.
“The FIR alleged that Kwality Limited through the erstwhile Directors indulged in falsification and fabrication of books of accounts by misrepresentation of sales, purchases, debtors and creditors and thereby cheated the Consortium of banks,” said the ED.
The bank fraud is to the tune of Rs 1400.62 crore, according to the FIR.
ED investigation revealed that the then promoters and directors fudged the books of accounts to show higher sales and debtors.
