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“Money laundering case” ; Directors of plantations company arrested

Hitesh Patel and Suresh N Patel, directors of Tamil Nadu-based Shinago Plantations Pvt Ltd, have been arrested by the Enforcement Directorate under the Prevention of Money Laundering Act, 2002 (PMLA) for laundering funds around 325 crores by operating a network of nearly 20 group entities established across Tamil Nadu.

According to the information given by the ED, after one day of judicial custody, the special court (PMLA) took in custody both of them for enforcement supervision for 10 days. Probe under the PMLA explained that the arrested, in cooperation with valuers, obtained loans from the Corporation Bank (currently Union Bank of India) based on the extended amount of properties as security and luxuriated in a wilful deviation of funds through multiple organization accounts.

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Additional investigations disclosed that the funds so availed of by different individuals/groups interests in the sort of a letter of credit and cash credit limits, agriculture term loans, were transferred within the group organizations through annular rotation of money to utilize more funds from the bank without any real trade. Additional probes are advancing.

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