Two accused individuals, Radhika and Aman Kripal, are involved in a significant fraud and money laundering case involving ₹300 crore from multiple banks. They have recently filed an application with the Enforcement Directorate (ED) in a special court, seeking permission to travel abroad. In response, the court has issued a notice to the ED, requiring them to submit a reply by October 19.
The origins of this case trace back to August 8, 2016, when the Central Bureau of Investigation (CBI) registered a complaint against several bank officials. These officials were accused of misusing their positions to benefit a Hong Kong-based company. Following the CBI’s investigation, which uncovered the extensive ₹300 crore scam, the ED also stepped in, launching its own inquiry into the money laundering aspect of the case.
According to the CBI’s findings, Ashu Mehra, who has been employed in the foreign exchange department of the Indian Overseas Bank in Chandigarh since 2010, collaborated with others to facilitate financial benefits for the Hong Kong company. As a result of these actions, the Indian Overseas Bank, the Dubai branch of Punjab National Bank, and the Bahamas branch of Bank of Baroda issued loans totaling approximately USD 47.86 million to the company.
The Hong Kong-based firm, known as M/s Color Web Limited, approached officials at Punjab National Bank for payment. Without the necessary approvals, Letters of Comfort were issued to both the Dubai and Bahamas branches of Bank of Baroda, allowing these branches to process payments worth crores of rupees to the overseas companies. Unfortunately, the company did not repay the ₹300 crore loan it received from the banks.
Sukhwinder Singh Chhabra is also implicated in this fraud, having committed significant financial wrongdoing against the Indian Overseas Bank, Punjab National Bank, and Bank of Baroda. In light of the CBI’s investigation, the ED has begun its own investigation into the case, focusing on 50 individuals involved in the money laundering operations.
The case has garnered significant attention due to the scale of the fraud and the involvement of high-ranking officials. As Radhika and Aman Kripal await the court’s decision regarding their travel request, the investigation continues to unfold, potentially leading to further legal actions against those implicated in this financial scandal.
