Friday, October 30, 2020
Crime & Law

ED arrests director of Gujarat firm in bank fraud case

October 15, 2020 03:30 PM

NEW DELHI:The Enforcement Directorate (ED) has arrested Niketa Baldevbhai Dave, Director of Pentium Infotech Ltd. and Hirak Biotech Ltd. in connection with Ahmedabad's People's Cooperative Bank Ltd. money laundering case.

The ED said that Dave was arrested under the sections of the Prevention of Money Laundering Act (PMLA) in a case relating to fraud in the cooperative bank. A local court sent her to four-days ED custody.

The ED filed a case on the basis of a case registered by the CID-Crime in Gandhinagar in May 2009. The Gujarat Police in its FIR alleged that Dave, Pratik R. Shah (also a director) and others committed fraud of Rs 25.25 crore with the APCBL.

"During investigation it was revealed that Shah and Dave being the Directors of Pentium Infotech Ltd. and Hirak Biotech Ltd. opened FDOD (overdraft accounts against fixed deposits) loan accounts in APCBL and these companies defaulted on payment causing loss of Rs 25.25 crore to the bank.

"Further, 20 IBL accounts having Rs 50 lakh sanctioned to each account were also opened from APCBL by Shah in the name of his office staff or firms or associates.

"Out of this, Dave as a director/proprietor/partner applied for loan for seven out of 20 firms, namely S.J. Securities Ltd., Pioneer Mercantile Ltd., Vitale Bio Science Ltd., Satark Real Estate Ltd., Jupiter Business Ltd., Lakshya securities and credit Holding Ltd. and Arihant Jewellers," the official said.

Investigations also revealed that Shah and Dave had passed a board resolution on February 25 this year to authorize Dave, to sign, deal, sell/transfer/dispose of non-agricultural land held in the name of Hirak Biotech Ltd, situated at Sachana.

"On the basis of the resolution, Dave executed sale deeds in March this year transferring the properties of Hirak Biotech Ltd. without receiving any consideration. The accused has played an active role in disposing of proceeds of crime and thus she was arrested and is under custodial interrogation," the official added.

 
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