The Enforcement Directorate (ED) probe involving Ratul Puri, nephew of Madhya Pradesh Chief Minister Kamal Nath, arrested in a money laundering case, has revealed that the amount of the bank fraud is approximately Rs 1,492 crore, much higher than Rs 354 crore as mentioned by the Central Bank of India in its complaint.
An ED source related to the probe told IANS: "Investigation has revealed that Moser Baer had bought Blue Ray discs from Pacific International FZE, a company of Rajiv Saxena, which purchased the same from Singulus Technologies, Germany."
He said the total quantum of purchase was approximately $3.3 million and the price differential per unit was "double" the amount.
"Investigation has revealed that Ratul was the beneficiary of the said tainted money, generated by diverting bank funds through over-invoicing," he said.
He said Saxena started business of supplying solar power panels to the Moser Baer group from Midas Metals International LLC, which were sourced from West Asia Trading and Enertec Ltd.
"The said companies belong to Ratul, and were used for earning a profit margin and diversion of funds," he said.
He said, "The total quantum of business undertaken herein was Rs 1,492.36 crore approximately."
According to the ED source, Puri was the Executive Director of Moser Baer till 2012, but he remained in the "decision making" of Moser Baer and was a "key" figure in the day-to-day functioning of the company.
The source pointed out that to ascertain the proceeds of crime, many people have been summoned and their statements are recorded during the course of investigation carried out during the custody remand of Puri.
He said in the court on Monday, its Special counsel Vikas Garg and DP Singh argued how Puri's counsel Vijay Agarwal was trying his best to delay and jeopardise the probe.
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