MUMBAI: The Enforcement Directorate (ED) arrested Vinod Chaturvedi, Managing Director of Usher Agro Limited and other group companies under the Prevention of Money-laundering Act, 2002 on September 17 in a case related to cheating and siphoning of bank loans.
The investigation was initiated on the basis of FIR lodged with CBI in Mumbai on January 4, 2019 against Usher Agro Ltd., Vinod Kumar Chaturvedi, Manoj Pathak and others. It has been alleged in the FIR that the group has taken loans from a consortium of banks and has siphoned off the same.
During the investigation, proceeds of crime have been identified and quantified to the tune of Rs 915.65 Crore. Further, the investigation revealed that promoters has formed 15 shell companies and had carried out bogus transactions with these shell companies.
Senior ED officials said the group companies have carried out bogus transactions with DHFL group companies. During Investigation, Vinod Chaturvedi was non-cooperative and did not divulge any information. He has been arrested under PMLA 2002.
The Special Court has remanded the accused for five days ED custody.