New Delhi, Mar 4 (UNI) Enforcement Directorate (ED) on Thursday said that it has filed has filed a prosecution complaint against Indian Technomac Company Limited, its Managing Director Rakesh Kumar Sharma, Director Vinay Kumar Sharma and 12 other accused under the Prevention of Money Laundering Act, 2002.
Officials in ED said that investigation was initiated following the registration of FIR by the CID of Himachal Pradesh Police.
The Company by way of criminal activity related to scheduled offences had acquired huge amount of funds of Rs 407.13 crore in form of equity capital infused by promoter companies which was sourced from illegally diverted fund out of loans taken by the Company from various banks.
Directors of the companies actually involved in the offence of Money laundering got benefited by way of receiving equity shares of the company and purchasing properties in individual names and the ED had attached assets worth Rs 288.91 crore of the company and its promoters in September 2019.
‘Money laundering investigation revealed that the accused persons devised the modus operandi of diverting bank loan funds to the tune of Rs 407.13 Crore from the company to the multiple layers of Shell Companies which was subsequently placed back in the accused Company itself by way of allocation of its Equities to the Promoter companies controlled by accused Rakesh Kumar Sharma Managing Director of the Company,’ the probe agency officials said.
It was also revealed during the course of investigation that fictitious huge rise in revenue from operations was shown in the Balance Sheets of the Indian Technomac Company Limited whereas a number of Shell Companies and Firms were used for showing bogus sales and corresponding purchases, they added.
The accused used fake records for bogus sales /purchases such as Purchase bills, Purchase Bilty, sales bills, sales bilty, Material Receipt Notes (MRN), inward register, stock register, RG 1, Lab Report in respect of Suppliers/ Buyers used to be prepared in the factory only, the probe agency alleged in the Prosecution Complaints.
A major chunk of amount was sent to Supplier Shell Companies/Firms through Letter of Credits (LCs),the forged supporting documents such as Bills, Transport Bilties were submitted for the said LCs and payments were sent to Suppliers (set of shell companies/firms) through RTGS and the same were returned immediately through RTGS, it added.
Further investigation in the case has been under process, the ED officials said
