ED arrests Kamal Nath’s kin in bank fraud case

Tribune News Service
New Delhi, August 20

The Enforcement Directorate has arrested Madhya Pradesh Chief Minister Kamal Nath’s businessman nephew Ratul Puri this morning in connection with a fresh case of money laundering linked to an alleged Rs 354 crore bank loan fraud. 

ED sources said Ratul Puri was arrested under the Prevention of Money Laundering Act (PMLA) late Monday night after he appeared before the central probe agency. The agency has slapped a fresh criminal case against him and others, taking cognisance of a CBI FIR filed last week. Sources said the agency wanted to have custodial interrogation of Ratul Puri as he has allegedly been non-cooperative in this case.

Ratul Puri was already under the probe scanner of the agency in connection with the high-profile AgustaWestland VVIP choppers corruption case and was facing a non-bailable warrant issued by a court after the ED submitted to it that the businessman might try to tamper with the evidence and influence witnesses “as he already did earlier”.

Hours after Ratul Puri’s arrest, the Delhi HC dismissed his bail plea. He had apprehended arrest for allegedly receiving kickbacks in the AgustaWestland deal case through his companies. The ED also opposed his anticipatory bail plea in the court.

The latest PMLA case emerges from a CBI FIR of August 17, where Ratul Puri, his father Deepak Puri, mother Nita (Nath’s sister) and others were booked in connection with Rs 354 crore fraud case filed by the Central Bank of India.

The debt web  

• Ratul Puri has been booked in this case in his capacity as executive director of Moser Baer India Limited, which was taking loans from various banks since 2009 and went for debt restructuring a number of times
• The Central Bank of India has alleged in its complaint that when the company wasn't unable to pay the debt, a forensic audit was done and the account was declared as "fraud" on April 20, 2019