15 May,2019 02:29 PM IST | Thane | mid-day online desk
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Thane: Three directors of a Mumbai-based firm manufacturing surgical instruments on Wednesday have been booked for allegedly cheating an insurance company and a bank in Thane, Maharashtra.
According to a complaint filed by the New India Assurance Company Limited, it made a payment on July 31 last year of Rs 34,11,205 through a private bank here to the Bombay Surgical Company for a fire-related claim filed by it, a police spokesperson said.
Later, the insurer the same amount credited into the surgical company's account by an oversight on August 7, 2018, she said quoting the complaint. However, despite knowing about the double credit, the surgical company's officials allegedly did not return the amount to the insurer and thus, cheated the latter and the bank, the official said.
Based on the complaint, the surgical firm's three directors - Mustanshir Gandhi, Hussain Gandhi and Asghar Gandhi - on Tuesday were booked by the Dombivali police in Thane under Indian Penal Code Sections 420 (cheating) and 406 (criminal breach of trust). No arrest was made so far, she said. The probe is underway.
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In another case, on May 14,
The Enforcement Directorate (ED) has provisionally attached immovable properties consisting of commercially diverted land of 2,70,374 sq ft along with shopping mall in Nagpur worth Rs 483 crore of KSL & Industries Ltd, Mumbai under Prevention of Money Laundering Act (PMLA), 2002, in a bank fraud case.
KSL & Industries Ltd, Mumbai is one of the group company of Tayal group of Companies, read a statement from ED.
"The Directorate initiated an investigation under PMLA on the basis of three FIRs of CBI(B&FC) against three different companies of Tayal group of Companies viz. Actiff Corporation Ltd, Jaybharat Textiles & Real Estate Ltd, KKTL and Eskay Knit (India) Ltd for cheating and fraudulently availing loans totalling to Rs 524 crore from Bank of India and Andhra Bank during the year 2008," the statement read.
It was revealed in the investigation that during the year 2008, these Mumbai based companies of Tayal group availed loan to the tune of Rs 524 crore by defrauding the Bank of India and Andhra Bank. It was also revealed that for the purpose of money laundering, they had created a maze of shell companies which were used for routing of the diverted funds.
Funds were routed through these shell companies to the companies of the said Tayal group and used up for the creation of assets in the name of KSL& Industries Ltd, Mumbai. These immovable properties in the form of a mall situated at Nagpur having a value of Rs 483 crore have been provisionally attached being proceeds of crime and are involved in money laundering. Earlier in another similar case involving UCO Bank properties worth Rs 234 crore of Tayal group were also attached. Total attachment is worth Rs 717 crore.
Edited by mid-day online desk with inputs from agencies
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