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Bill discount scam: Rs 14.5-cr properties of Gujarat firm attached
New Delhi, May 25 (IANS) The Enforcement Directorate (ED) has attached properties worth Rs 14.5 crore of Gujarat-based textile export firm ABC Cotspin Pvt Ltd for defrauding two banks of Rs 804.49 crore by availing bill discount facilities in 2014-15 against Letters of Credit (LCs), an official said on Friday.
The agency attached two immovable properties — one at Regent Chambers in Nariman Point in Mumbai and the other at Nikumbh Complex in Ahmedabad — worth Rs 14.50 crore.
“The properties have been attached against the amounts remitted outside India and the action was taken under Prevention of Money Laundering Act,” an ED statement said, adding that ABC Cotspin siphoned off Rs 79.49 crore out of India on the pretext of false imports, which never took place.
Last year, the ED had launched an investigation into the case against the firm, its director Ashish Sureshbhai Jobanputra, his wife Preeti and others, based on a Central Bureau of Investigation (CBI) FIR registered in 2015.
In March 2016, the CBI also issued a red corner notice against the fugitive businessman, who along with his family left India and settled in the United States just after the fraud. Inquiries against Jobanputra are also contemplated under the Fugitive Economic Offenders Ordinance 2018.
The Directorate officials have identified Jobanputra as the mastermind in the fraud.
Jobanputra and his firm ABC Cotspin are accused of hatching a criminal conspiracy along with the officials of a Bank of Baroda (BoB) branch in Ahmedabad and a State Bank of India (SBI) branch in Gondal city in Gujarat to defraud the banks of Rs 804.49 crore by availing bill discounting facilities from these branches against LCs of prime banks.
The company is accused of causing losses to the tune of nearly Rs 374 crore to the BoB and Rs 430 crore to the SBI by presenting over 400 bills of lading, manufactured internally at different points of time in 2014-15.
“During 2014-15, Jobanputra, without making any genuine export, got prepared and signed the export documents like commercial invoice, certificate of origin, certificate of quality, certificate of quantity, phytosanitary certificate, packing list, bills of exchange, request letter to SBI for discounting the bills,” the statement said.
He also got prepared bills of lading by shipping agents like Seamax Logistics, Far Sailing Shipping Company and United Container Lines, and presented those to SBI and BoB, it added.
The ED investigators said the bank officials of SBI and BoB discounted the export bills without proper scrutiny, without ensuring that the shipping bills were issued by the customs authorities, which is mandatory.
“The bank officials also discounted export bills on the basis of LCs issued by Industrial and Commercial Bank of China, which was restricted,” added the ED statement.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.