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Jun 18, 2019

ED attaches movable properties comprising 6170 Road vehicles worth Rs 1610 Cr of M/s Sidhi Vinayak Logistics Ltd

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The Enforcement Directorate, ED has attached movable properties comprising 6170 Road vehicles worth 1610 Crore rupees of M/s Sidhi Vinayak Logistics Limited against proceeds of crime of 1590 Crore rupees in a bank fraud case under the provisions of the Prevention of Money Laundering Act, 2002. 

Investigation under PMLA initiated on the basis of FIR registered by CBI against Rupchand Baid along with other directors of the company in a criminal conspiracy to cheat the Banks. On the basis of FIRs filed with CBI, Mumbai, ED took up investigation under PMLA Act, 2002. 

The investigation made so far revealed that the loans were availed on the basis of forged or fabricated documents and in the name of employees and drivers, who were kept in dark by the company. The investigation also revealed that Roopchand Baid routed the loans through accounts of various related entities. 

Earlier, ED provisionally attached moveable and immoveable assets of worth over 19 Crore rupees in June 2017. Investigation under PMLA revealed that the funds were raised from banks in form of loans and credit facilities under various schemes including one Chalak se Malak scheme, wherein, loans were availed in the name of drivers, employees of M/s Sidhi Vinayak Logistics Limited for purchase of old and new road vehicles. 

The said loans were not used for intended purpose and were routed through the accounts of the company and its related entities and finally were diverted for personal gains, company expenses and repayment of old pending loans. It is also established that Rupchand Baid, Director of M/s Sidhi Vinayak Logistics Limited played role of main conspirator.

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