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ED seizes property of newspaper firm involved in Bank of Maharashtra Fraud


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The Enforcement Directorate has recently taken action against a newspaper publishing company and its promoters in Madhya Pradesh, India. The assets worth more than Rs 2 crore of Nava Bharat Press (Bhopal) Pvt. Ltd. and its promoters, the Maheshwari family, have been attached under the anti-money laundering law. This action is a result of a case related to an alleged bank loan fraud.

According to the Enforcement Directorate, ten immovable properties of Nava Bharat Press (Bhopal) Pvt. Ltd. and the Maheshwari family have been provisionally attached. These properties are located in Satna and Sehore districts of Madhya Pradesh. The attachment of assets was done based on an order issued on March 30, following the provisions of the Prevention of Money Laundering Act (PMLA). The total value of the attached assets is Rs 2.36 crore.

The money laundering case against Nava Bharat Press (Bhopal) Pvt. Ltd. and its promoters originated from a charge sheet filed by the Central Bureau of Investigation (CBI). The company, through its director Sumeet Maheshwari and others, had obtained credit facilities from the Bank of Maharashtra in 2004. These funds were meant for the modernization of the press and the purchase of machinery.

However, the Enforcement Directorate alleges that the loan amount sanctioned for the purchase of machinery and other capital expenditures was diverted. It is claimed that the funds were funneled through bank accounts of various companies associated with the Enbee group of companies, which is controlled by Sumeet Maheshwari’s brother, Sundeep Maheshwari. The Maheshwari family is accused of diverting the loan amount to settle corporate and personal liabilities, misusing the disbursed funds, and cheating the Bank of Maharashtra for a total amount of Rs 15.67 crore.

This action by the Enforcement Directorate is part of their efforts to combat money laundering and investigate cases related to financial fraud. The attachment of assets is a provisional measure taken during the investigation, and further legal proceedings will determine the final outcome of the case.

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