ED files chargesheet against Paonta firm, MD in fraud case

Tribune News Service

New Delhi, March 4

The Enforcement Directorate (ED) today said that it had filed a prosecution complaint (equivalent to a police chargesheet) before a special court in Shimla against Paonta Sahib-based 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 (PMLA).

ED officials said that an investigation was initiated following the registration of an FIR by the CID wing of the Himachal Pradesh Police.

In the complaint, the ED alleged that the company by way of criminal activity related to scheduled offences had acquired Rs 407.13 crore in the form of equity infused by promoter companies. The funds were allegedly sourced through illegal means by diverting loans taken by the company from various banks.

The directors of the companies were allegedly involved in money laundering, as they benefited by way of receiving equity shares of the company and also purchased properties in individual names, the ED said. It added that the agency had attached assets worth Rs 288.91 crore of the company and its promoters in September 2019.

“Money laundering investigation has 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 by way of allocation of its equities to the promoter companies controlled by accused Rakesh Kumar Sharma,” the ED officials said.

It was also revealed during the course of investigation that a fictitious huge rise in revenue from operations was shown in the balance sheets of Indian Technomac Company Limited whereas a number of shell firms were used for showing bogus sales and corresponding purchases, the officials said.

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