Mumbai: Provisionally Attaches Rs 4 Crore Worth of Properties in Bank Fraud Case
Mumbai, 28th June 2024: The Enforcement Directorate (ED) took action on Thursday by provisionally attaching immovable properties valued at over Rs 4 crore in connection with a bank fraud case involving Ashoka Property Developers and others.
Under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, the ED’s Mumbai Zonal Office provisionally attached land, residential flats, and commercial buildings worth Rs 4.19 crore located in Mumbai and Jaunpur, Uttar Pradesh.
These assets are linked to Ashok Kumar Singh, Aashish Kumar Singh, Sadashiv Mehul Pandey, and Janardhan Pandey through entities they beneficially own.
The ED’s investigation was initiated based on a case registered by the Central Bureau of Investigation (CBI) and the Economic Offences Wing (EOW), Mumbai, under various sections of the Indian Penal Code (IPC), 1860.
The ED’s action follows a complaint filed by the Central Bank of India against Ashoka Property Developers, Ashok Kumar Singh, Ashish Kumar Singh, and others. The CBI has already filed a chargesheet in this case.
According to ED findings, Ashok Kumar Singh, the proprietor of Ashoka Property Developers, and Ashish Kumar Singh, in collusion with Sadashiv Mehul Pandey (also known as Mehul Pandey), Janardhan Pandey, and others, orchestrated a bank fraud through a criminal conspiracy. They allegedly used fabricated and forged documents to deceive banks into sanctioning loans amounting to Rs 17 crore.
The funds obtained through these loans were allegedly diverted through layers of related and shell entities for personal gain, with no intention of repayment.
The ED stated that the investigation into the matter is ongoing.
