New Delhi, AUg 20: Ratul Puri, the nephew of Madhya Pradesh Chief Minister Kamal Nath, was arrested this morning by the Enforcement Directorate for an alleged Rs. 354 crore bank fraud, after multiple attempts by him to avoid being caught.
A former senior executive of the now-defunct electronics firm Moser Baer, Ratul Puri has been charged by the CBI on a complaint by state-run Central Bank of India, which alleged that the company had taken loans from various banks since 2009 and misused the money.
he agency took the action after filing the money laundering case under Prevention of Money Laundering Act (PMLA) against Puri and others late Monday night based on the Central Bureau of Investigation’s (CBI) FIR.
Puri was arrested from his Delhi residence early Tuesday morning and will be produced before a special ED court later in the day.
The ED will seek Puri’s custody from the city court to question him in the bank fraud case which was registered by the CBI on August 17.
The CBI had booked Ratul Puri, his company, his father and Managing Director Deepak Puri, Directors Nita Puri (Ratul’s mother and Kamal Nath’s sister), Sanjay Jain and Vineet Sharma for alleged criminal conspiracy, cheating, forgery and corruption.
The CBI on Sunday had also carried out searches at six locations, including the residences and offices of the accused directors.
Ratul Puri had resigned from the post of Executive Director of Moser Baer in 2012, while his parents continued to be on the board, the Central Bank of India had said in a statement.
The company is involved in the manufacture of optical storage media like compact discs, DVDs, solid state storage devices.
It was taking loans from various banks since 2009 and went for debt restructuring a number of times, the bank has alleged in the complaint which is now part of the CBI FIR.
When it was unable to pay the debt, a forensic audit was done and the the account was declared as “fraud” by the Central Bank of India on April 20, 2019.
As per the CBI case, Ratul Puri through his firm has committed fraud and cheated the complainant bank, thereby making a wrongful gain to themselves and a wrongful loss to the lender bank which is a custodian of public money.
Primary security of the bank consisting of stock of finished goods, semi-finished goods and raw material have also been dishonestly and fraudulently removed by the company and its directors in order to prevent the distribution amongst the creditor banks to satisfy the debt, the bank has alleged.