The Enforcement Directorate (ED) has lodged a prosecution complaint against M/s Anil Nutrients Ltd, its director Amol Sheth, and six others for an alleged money laundering case related to a Rs 47.88 crore bank fraud involving Bank of India.
The ED’s Ahmedabad Zonal Office initiated the complaint as part of an investigation into the activities of Anil Nutrients Limited and associated entities. The case is connected to a suspected fraud where loan funds from Bank of India were reportedly diverted through a network of related companies.
Following an FIR by the Central Bureau of Investigation (CBI), SC-I, New Delhi, the money laundering probe was launched. The FIR implicated Anil Nutrients Limited and others for alleged offenses under various sections of the Indian Penal Code and the Prevention of Corruption Act.
Officials revealed that the ED’s investigation uncovered that the company and its director allegedly deceived Bank of India of Rs 47.88 crore. The funds were allegedly redirected to sister concerns without genuine business dealings, forming part of a coordinated conspiracy.
Fake transactions were purportedly used to transfer substantial sums to related companies, inflating group firms’ turnover to mask legitimate business activities. The ED stated that significant bank loans were acquired with the purported aim of causing losses to the bank and gains to the accused.
During the probe under the Prevention of Money Laundering Act, the ED conducted searches at Amol Sheth’s premises and others linked to the Anil Group of companies. These searches yielded crucial evidence, including details of properties not pledged with banks.
A provisional attachment order for immovable properties worth Rs 5.39 crore was issued by the agency in connection with the case. The investigation remains ongoing, with officials continuing to delve into the matter.
