VIJAY DEO JHA
Ranchi, April 9: Ranchi-based builder Gyan Prakash Sarawgi facing a money-laundering probe worth over Rs 75 Crore has confessed before the Enforcement Directorate that he intentionally formed shell companies to defraud money of several banks through the loans.
The ED had arrested him on March 29 and secured his police remand for questioning. During the interrogation, he said a dozen companies were formed and all headed by his relatives. In the name of these companies, he secured loans and diverted the amount to M/s Sarawgi Builders and Promoters Pvt. Ltd which is the main company.
He claimed that he suffered a huge loss in the business. But it is assumed that he might not have suffered so much loss as he claimed. As part of the investigation, the ED will attach his properties equivalent to the amount of money he laundered. But that may be a tricky task for the agency as most of the flats have been sold out. The ED is also investigating his other business connections and concerns.
Three bank fraud cases were lodged against him by the CBI in 2018-19. The CBI alleged he cheated the Bank of India with Rs 31.24 crores. Further investigation pegged the amount at over 75 crores.
Initial investigation revealed loans were obtained in the name of six shell companies namely Sunbeam dealers Pvt. Ltd., Global Traders, Shree Badri Kedar Udyog Pvt. , Sriram Comtrade Pvt. Ltd. and Dwarikadhish Udyog Pvt Ltd. They cheated the Bank of India as well as the United Bank of India.
Gyan Prakash Sarawgi with the help of his accomplices approached different branches of Bank of India as well as United bank and got loans sanctioned in the name of the above-mentioned companies.
Once the loans were sanctioned to the companies, 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 shell companies through which they were finally pooled into the accounts of Sarawgi Builders and Promoters.
