ED arrests Kamal Nath’s nephew Ratul Puri in Rs 354-crore bank fraud case

The CBI had filed a First Information Report in the alleged bank fraud case and raided six locations including the offices and residences of the former and present directors of Moser Baer.

Ratul Puri, nephew of Madhya Pradesh CM Kamal Nath and former executive director of Moser Baer, was arrested by the Enforcement Directorate (ED) Tuesday in connection with a Rs 354-crore bank fraud case.

Puri was placed under arrest under the provisions of the Prevention of Money Laundering Act (PMLA) late Monday night and he will be produced before a court Tuesday, officials told PTI.

On Sunday, the CBI had filed a FIR in the alleged bank fraud case and raided six locations including the offices and residences of the former and present directors of the company. Puri, the company Moser Baer and four other directors including MD and Ratul’s father, Deepak Puri, Nita Puri, Sanjay Jain and Vineet Sharma were named in the FIR. They were booked for criminal conspiracy, cheating, forgery and corruption, officials were quoted as saying by PTI.

The development comes a week after the BENAMI Prohibition Unit of the Income Tax (IT) Department provisionally attached a bungalow worth Rs 300 crore in Lutyens Delhi registered in the name of Moser Baer group company and an FDI of $40 million.

The Central Bank of India has alleged that the company has taken various types of credit facilities worth about Rs 1,962 crore from different banks over the period. The bank had extended credit facilities to the tune of over Rs 332 crore to the company till November, 2011. The bank claimed that the company and its directors forged and fabricated documents to induce Central Bank of India to release funds, an audit report cited in the complaint read.

Source: The Indian Express

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