Delhi court extends ED custody of Madhya Pradesh CM Kamal Nath's nephew Ratul Puri by four days in bank fraud case

The Enforcement Directorate had arrested Ratul Puri on August 20 in a money laundering case arising out of the bank loan fraud case.

Published: 26th August 2019 08:04 PM  |   Last Updated: 26th August 2019 08:04 PM   |  A+A-

Madhya Pradesh CM Kamal Nath's nephew Ratul Puri leaves Enforcement Directorate office after being arrested in connection with a Rs 354 crore bank loan fraud case in New Delhi.

Madhya Pradesh CM Kamal Nath's nephew Ratul Puri leaves Enforcement Directorate office after being arrested in connection with a Rs 354 crore bank loan fraud case in New Delhi. (Photo | EPS)

By PTI

NEW DELHI: A Delhi court Monday extended by four days the ED's custodial interrogation of Ratul Puri, nephew of Madhya Pradesh Chief Minister Kamal Nath, in the money laundering case related to a bank loan fraud.

Special Judge Sanjay Garg, who accepted the ED's demand for custodial interrogation of Puri.

The Enforcement Directorate had arrested Puri on August 20 in a money laundering case arising out of the bank loan fraud case.

It had sought eight more days of Ratul's custody, saying that the trail of money was yet to be found and the proceeds of crime needed to be identified.

There is another money laundering case connected with VVIP chopper (AugustaWestland) scam in which the Delhi High Court last Tuesday dismissed his anticipatory bail plea, saying his custodial interrogation was "required for an effective investigation".

ALSO READ: No association with Ratul Puri’s business, says Madhya Pradesh CM Kamal Nath

Puri was arrested under the Prevention of Money Laundering Act (PMLA) in the bank fraud-related case last Monday night after he appeared before the central probe agency here in the chopper scam case after it slapped a fresh criminal case against him and others, taking cognisance of a CBI FIR.

The latest PMLA case emerged from a CBI FIR of August 17, where Ratul Puri, his father Deepak Puri, mother Nita (Nath's sister) and others were booked in connection with a Rs 354 crore bank fraud case filed by the Central Bank of India.

The CBI had carried out multiple searches in pursuance of this FIR on last Sunday.

The Puri family, other individuals like Sanjay Jain and Vineet Sharma were booked by the CBI for alleged criminal conspiracy, cheating, forgery and corruption.

ALSO READ: ED arrests Kamal Nath's nephew Ratul Puri in Rs 354 crore bank loan fraud case

Ratul Puri was booked in this case in his capacity as executive director of Moser Baer India Limited (MBIL), a firm promoted by his father Deepak Puri.

The company is involved in the manufacture of optical storage media like compact discs, DVDs, solid state storage devices.

Ratul Puri had resigned from the post of executive director in 2012, while his parents continue to be on the board, the bank had said in a statement and compliant to the CBI.

Moser Baer was taking loans from various banks since 2009 and went for debt restructuring a number of times, the bank had alleged in the complaint which is now part of the CBI FIR.

ALSO READ: Ratul Puri's arrest purely 'mala fide' action, says Madhya Pradesh CM Kamal Nath

When it was unable to pay the debt, a forensic audit was done and the account was declared as "fraud" by the Central Bank of India on April 20, 2019, it had alleged.

The bank had claimed that the company and its directors forged and fabricated documents to induce the Central Bank of India to release funds.

Ratul Puri is facing criminal investigation by three main central probe agencies, ED, CBI and the Income Tax department.

The tax department has attached a number of his alleged 'benami' assets in the recent past and has charged him with benefiting from the purported kickbacks generated in the Rs 3,600 crore VVIP choppers deal case, cancelled by India in 2014 on charges of corruption.

Stay up to date on all the latest Nation news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp