The Enforcement Directorate (ED) has made its second arrest in Rs 240 crore IndusInd Bank loan fraud case. On Thursday afternoon, the agency arrested one Pandit Saurabh, Director of Sky Light Ltd, located in Hong Kong, under section 19 of PMLA, 2002.
On the basis of a lookout notice (LOC) and in coordination with the authorities at Delhi Airport, the ED managed to arrest Saurabh, as soon as he arrived from Dubai.
Saurabh is one of the co-accused and main beneficiary in this scam. Earlier, the ED arrested Anil Chokhra, ex-Director of Kanika Gems under the money laundering act for outward foreign remittances using forged import documents.
Since last two years, the agency has been probing this case where three companies i.e. Yogeshwar Diamonds, Kanika Gems and Shree Charbhuja Diamonds had remitted crores of bank loan amount to Hong Kong and Dubai based companies, in the guise of import advances using forged bill of entries.
During the investigation, it was found that outward remittances of about USD $ 12,49,965 was done as import advance and around USD $ 14,18,338 was remitted by Saurabh. In the process, he had submitted forged bill of entry to the account of Sky Light Ltd, Hong Kong.
After detaining Saurabh at Delhi airport, he was interrogated by the ED officials, in which he stated that Sky Light, Hong Kong was owned by him and the proceeds of crime (PoC) of both transactions were parked in Hong Kong bank accounts.
On Friday, Saurabh would be produced before the special PMLA court in Mumbai to seek further custody for investigation.
As of now, the main accused of this scam Vijay Kothari and Sanjay Tiwari are at large outside India and Sanjay Jain (owner of Hindmata theatre in Mumbai) who used to aid these accused in making forgery bills of entries is also under ED's radar.