- Enforcement Directorate Attaches ₹6.56-Crore Guwahati Properties in Major Bank Loan Fraud Probe
- ₹6.56-Crore Assets in Guwahati Seized by Enforcement Directorate in Bank Loan Fraud Case
- Bank Loan Fraud Crackdown: Enforcement Directorate Attaches Guwahati Properties Worth ₹6.56 Crore
The Guwahati Zonal Office of the Enforcement Directorate (ED) has provisionally attached six immovable properties worth about Rs 6.56 crore under the Prevention of Money Laundering (PMLA) Act, 2002. The properties, including two commercial spaces in the “Shine Towers” project and two flats along with two penthouses in the “Shine Heaven” project, have been attached in connection with an alleged bank loan fraud case linked to M/s Agnipa Energo Pvt. Ltd and others, a statement issued by the ED said. The investigation was initiated based on an FIR registered by the Central Bureau of Investigation, Anti-Corruption Bureau (ACB) Guwahati, under various sections of the Indian Penal Code and the Prevention of Corruption Act following a complaint filed by Bank of India.
Subsequently, the CBI filed a chargesheet against nine accused persons, including three promoter-directors of M/s Agnipa Energo Pvt. Ltd, three Bank of India officials and partners of the conduit entity, M/s Shine Mechfab JV. According to the ED, the promoter-directors obtained a loan of Rs 10.65 crore from Bank of India in February 2013 for setting up a small hydro power project in Baksa by allegedly submitting fabricated documents purported to show an equity infusion of Rs 3.75 crore by M/s Urch Traders Pvt. Ltd.
The agency stated that the documents were later confirmed to be forged by the Central Forensic Science Laboratory. The investigators also alleged that a certificate submitted in support of the loan application had been issued by a person who was never the statutory auditor of the company. Officials said that out of Rs 9.33 crore disbursed by the bank in 28 instalments between 2013 and 2015, around Rs 8.67 crore was diverted to related-party joint venture M/s Shine Mechfab JV and subsequently routed to group entities including Shine Realtors, Shine Combine and Shine Shelters Pvt. Ltd.
It has been alleged that the transfers lacked any legitimate business basis and included Rs 75 lakh diverted on the very first day of loan disbursement, out of which Rs 52 lakh was reportedly withdrawn in cash the same day. Investigators further claimed that approximately Rs 1.43 crore was later routed back from the joint venture entity to the borrower company and the bank through reverse or round-trip transactions. The agency also alleged that four transactions in 2015 aggregating Rs 1.01 crore were credited back to the loan account on the same day in an attempt to suppress classification of the account as a non-performing asset (NPA).
According to the ED, transactions were also routed through an undisclosed Karnataka Bank account in violation of loan sanction conditions, ultimately causing wrongful loss of Rs 8.76 crore to Bank of India which has been quantified as the proceeds of crime under the PMLA. Further investigation is underway, the directorate stated.
