Mumbai: The Enforcement Directorate of (ED), Mumbai Zonal Office, has provisionally attached immovable properties worth Rs 24.52 Crore belonging to accused Ajit Kulkarni and others under the provisions of Prevention of Money Laundering Act (PMLA), 2002 in the case of M/s. Pratibha Industries Limited.
The ED initiated its investigation based on an FIR registered by the CBI against M/s. Pratibha Industries Limited, Ajit Kulkarni, and others, following a complaint filed by the Bank of Baroda. The complaint alleges that the accused defrauded a consortium of banks to the tune of Rs 4957 Crore.
The ED’s investigation revealed that the directors and promoters of M/s. Prathiba Industries Limited had conspired to cause loss to the banks while unlawfully enriching themselves by diverting loan funds through fraudulent transactions, manipulating financial records. To launder the Proceeds of Crime (POC), M/s. Prathiba Industries Limited engaged various accommodation entry providers for circular trading. The misappropriated funds were funneled through third-party transactions to purchase immovable assets.
Earlier, ED conducted the search operation across 14 locations in Mumbai and Delhi on January 2, under the provisions of PMLA, 2002. The operation led to the freezing of bank balances and mutual funds worth Rs 5.4 Crore, along with the seizure of other incriminating evidence related to the purchase of immovable properties.
