The Enforcement Directorate (ED) has arrested two promoters of SVOGL Oil Gas and Energy Ltd., a Delhi-based oil and gas integrated services provider company, on charges of money laundering in an alleged bank fraud case of over Rs 300 crore. The arrested individuals are Prem Singhee and Padam Singhee.
Background of the Case
The money laundering case is based on a First Information Report (FIR) filed by the Central Bureau of Investigation (CBI) against SVOGL Oil Gas and Energy Ltd., Max Tech Oil and Gas Services Pvt Ltd., their promoters Prem Singhee and Padam Singhee, and others. The promoters are accused of cheating banks for amounts of Rs 252 crore (availed from Punjab National Bank in the name of SVOGL) and Rs 65 crore (availed from Bank of India in the name of Max Tech).
Enforcement Directorate’s Investigation
The ED conducted raids in December last year at various locations in Delhi-NCR, Haryana, Chhattisgarh, and Maharashtra as part of its investigation into the case. In January, the agency provisionally attached assets worth Rs 58.82 crore in connection with the investigation. These assets were held in the name of shell companies controlled by Padam Singhee. The ED alleged that the money was transferred to various shell companies as expenses and later siphoned off by the promoters. The accused also made investments that were unrelated to the intended purposes of the bank loans.
Legal Proceedings
Prem Singhee and Padam Singhee have been taken into custody under the provisions of the Prevention of Money Laundering Act (PMLA). They will be produced before a local court in Delhi, where the ED will seek their remand for custodial interrogation.
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