New Delhi: A Mumbai-based agro firm’s managing director has been arrested for money laundering related to alleged multi-crore bank fraud, the Enforcement Directorate (ED) confirmed on Monday. Vinod Chaturvedi, MD of Usher Agro Limited and other group companies, was arrested on September 17 following allegations of cheating and siphoning off bank loans. The MD was non-cooperative and failed to divulge any information, the ED said.
According to the ED, on September 18 a special Prevention of Money Laundering court in Mumbai sentenced him to five days in ED custody. The PMLA case against Chaturvedi, his firm, and Manoj Pathak is based on a CBI FIR that alleges that ‘the group has taken a loan from a consortium of banks and siphoned it off’.
A total of Rs 915.65 crore has been identified and quantified as proceeds of crime in this case. The promoters formed 15 shell companies and carried out bogus transactions, says the ED. A number of ‘bogus’ transactions were also conducted between the group companies and the Dewan Housing Finance Corporation Group.