Hyderabad: The sleuths of Enforcement Directorate have provisionally attached assets worth Rs 31.89 Crore of Hyderabad based chemical factory Jay Ambe Gowri Chem Limited, represented by its directors Narender Kumar Patel, Madhu Maruswamy and Jigishben Patel.
It is to recall, Narender Kumar Patel a native of Gujarat who later made Hyderabad his home, was arrested in January 2021, after years of him absconding. The man and his associates are accused of cheating a consortium of banks to the tune of Rs 155.43 Crore. Later, State bank of Bikaner and Jaipur declared him a willful defaulter after the owner failed to pay Rs 100 crore loan money.
The Enforcement Directorate initiated investigation on the basis of 3 FIRs registered by CBI and 1 FIR registered by Hyderabad Police against Narender Kumar Patel and Others, for defrauding several Banks to the tune of ₹ 155.43 Crore. Multiple cases were booked in 2015.
However, Immediately after registration of the predicate FIRs by CBI, Narender Kumar Patel, his wife Jigishben Patel; Madhu Maruswamy had fled from India and had settled in the USA. It was only in January, 2021, ED officials with the help of immigration authorities managed to intercept Narender Kumar Patel when he landed at Ahmedabad International Airport.
The man was arrested and produced before the special court hearing ED cases. The court also granted ED 10 days of custody which resulted in attachment of 10 properties (6 immovable – land and 4 movable). While the remaining two main accused are still in the USA.
What did ED's investigation reveal?
The modus operandi adopted by accused Narender Kumar Patel and Madhu Maruswamy was to obtain loans from various banks by using fake documents. The crime dates back to 2013 when they fraudulently obtained loan of Rs 65 Crore from State bank of India, Rs 37 Crore from erstwhile State Bank of Bikaner and Jaipur, Rs 25 Crore EXIM Bank, Rs 12 Crore from DCB Bank, Rs 10 Cr from erstwhile Dena Bank and Rs 9 Crore from Bank of Maharashtra amounting to Rs 157 Crore.
The trio connived and submitted fabricated, forged property documents and properties with legal disputes. "All these loans were siphoned off by Narender Kumar Patel and Madhu Maruswamy using a complex web of transactions through its sister concerns and third party entities by making accommodation entries. Part of the proceeds of crimes are in possession of the fugitive accused in America. They also diverted loan funds for paying amounts to third party mortgagors, consultants, interest to Banks to further obtain loans and for their personal benefits. The part of proceeds of crime was invested in Integrated Broadcasting Company Private Limited either directly or indirectly" said ED officials.