VIJAY DEO JHA
Ranchi, Mar 29: The Enforcement Directorate has arrested Gyan Prakash Sarawgi in the bank fraud case. Sources in the agency said that he was arrested on Tuesday in connection with money laundering worth over Rs 31.24 Crore. The agency has approached the court for his police remand.
Earlier, the CBI had registered three FIRs in 2018-19 against Gyan Prakash Sarawgi and his accomplices for defrauding Bank of India with Rs 31.24 crores. Enquiries under PMLA as conducted with the banks revealed that the accused persons have defrauded other banks as well with the defrauded amount running over 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.
The documents collected so far during the course of investigation reveals that different third-party guarantors were given to the banks against the loans and different properties both in the movable as well as immovable form were given as mortgages/collateral to the banks.
The amounts were sanctioned in the form of cash credit loans, term loans and LC facilities. Shri Gyan Prakash Sarawgi controlled the operations and management with assistance of his accomplices on whose names, the loans were availed. The directors and guarantors of these companies mainly used to be their close relatives or employees of Shri Gyan Prakash Sarawgi.
Investigation reveals that Shri Gyan Parkash Sarawgi principally controlled the business of M/s Sarawgi Builders and promoters Pvt. Ltd. This company is the principal company of the Sarawgi group which is engaged in real estate business. The Chargesheet of the CBI also discloses that the bank funds of the group companies have been diverted in M/s Sarawgi Builders and promoters Pvt. Ltd. It is revealed that Shri Gyan Prakash Sarawgi controlled the operations of the company. All the loan documents, sale-purchase documents, etc. have been signed by Shri Gyan Prakash Sarawgi. Investigation reveals that once the loans were sanctioned to the companies, the accused persons namely Shri Gyan Prakash Sarawgi and Amit Sarawgi used to transfer them to various companies under their control and management. These bank funds were placed into several accounts of fictitious/shell companies through which they were finally pooled into the accounts of M/s Sarawgi Builders and Promoters. Investigation reveals that the funds of the bank which were obtained for trading in textiles and garments, were finally integrated into the accounts of M/s Sarawgi Builders and promoters Pvt. ltd., which was primarily engaged in Real Estate business.
Investigation has further revealed that Gyan Prakash Sarawgi has floated several companies and firms with the assistance of his accomplices to launder the proceeds of crime acquired by defrauding the banks. The bank funds have been utilized to create and acquire immovable properties which have been disposed off by him and the proceeds obtained have also been siphoned off by way of numerous bank accounts, in his control and use.
He remained non-cooperative throughout the investigation and did not provide the desired documents and information. He used several companies under his control and management namely Capital Marketing, Celestial sales and marketing, Prakash Traders, Radha Krishna Vinimay, Shri Ram Comtrade, Shri Badri Kedar etc. for routing the money and the same were done directly under his supervision and control.
He also accepted to have diverted the money through numerous companies by entering into transactions with them although no other business activity was undertaken with them. It was found that the said transactions were part of routing the money secured from different banks for his parent company M/s Sarawgi Builders and promoters Pvt. Ltd. These companies were used for routing the money only and no other business activity was undertaken with them.
