Mumbai: The Enforcement Directorate (ED) has accused Pune-based Duplex Industries Pvt Ltd (DIL) and its directors of laundering Rs 295.15 crore after the company defaulted on credit facilities obtained from a consortium led by the State Bank of India (SBI).
The ED recently filed a prosecution complaint against the company and its directors, Anil Satpute and Kanchan Satpute, along with other accused – Girish Dongare, Akshay Insulated Conductors, Aaditya Joshi, HG Mehta and Co Pvt Ltd and Pankaj Sheth. All accused are currently out on bail, as they were not arrested during the ongoing investigation.
The ED stated that DIL secured loans through credit facilities sanctioned by SBI, including a Rs 100 crore facility approved on March 18, 2011. The account was declared a non-performing asset (NPA) on July 14, 2012, with outstanding dues of Rs 111.27 crore. The agency alleged that the default resulted from the diversion of funds under the guise of fictitious exports and imports.
DIL had allegedly shown bogus sales and purchase transactions among various shell entities formed at the behest of Anil and thereby exaggerating the balance sheet, availed themselves of various credit facilities under consortium finance. The major defaults were committed by the buyers as disclosed by DIL and the export debtors are reportedly not traceable.
The agency claimed that the total dues as of November 29, 2019 was Rs 299.24 crore from which Rs 4.09 crore worth of security was available with SBI and other banks.
ED had claimed that DIL had obtained various credit facilities while Anil established many shell entitles during the check period in India in the name of ex-employees of DIL. Anil controlled and managed bogus sale purchase transactions.
