VIJAY DEO JHA
Ranchi, May 31: The Enforcement Directorate on Tuesday called Subhash Modi and Gautam Modi to record their statement in connection with the money laundering case against city-based builder Gyan Prakash Sarawgi. He was arrested and charge-sheeted by the ED in the bank fraud case worth over Rs 75 Crore.
According to the information, Subhash Modi and Gautam Modi had signed an agreement with Sarawgi for the construction of the Modi Heights and Empire Building. But Gyan Prakash Sarawgi could not execute the conversion and the construction work. However, he obtained loans from the bank. Since he failed to work as per the contract Jains cancelled the agreement and hired another developer.
The ED called Modis to record their statements and assist the agency in the probe.
Earlier, the CBI had registered three FIRs in 2018-19 against Gyan Prakash Sarawgi and his accomplices for defrauding the Bank of India with Rs 31.24 crores. Inquiries under the PMLA as conducted with the banks revealed that the accused persons have defrauded other banks as well with the defrauded amount running over Rs 75 crores.
Gyan Prakash Sarawgi and his accomplices formed 6 companies namely M/s Sunbeam dealers Pvt. Ltd., M/s Global Traders, M/s Badri Kedar Udyog Pvt. Ltd, M/s Sarawgi Builders and promoters, and M/s Sriram Comtrade Pvt.ltd. and M/s Dwarikadhish Udyog Pvt Ltd. They cheated Bank of India as well as United Bank of India (now merged with Punjab National Bank) for more than Rs. 75 Crores.
Gyan Prakash Sarawgi with the help of his accomplices approached different branches of Bank of India as well as United bank (now Punjab National Bank) and got loans sanctioned in the name of the above-mentioned companies.
