Enforcement Directorate Files Charge Sheet Against Ex-Uco Bank Official and Associates in MLA Case
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Synopsis
The Enforcement Directorate has filed a charge sheet against a former Uco Bank official and associates for alleged money laundering, revealing fraudulent loan activities causing significant financial losses.
Key Takeaways
- Charge sheet filed under PMLA, 2002.
- Investigation initiated by CBI FIR.
- Fraudulent bank loans involved false warehouse receipts.
- Financial loss to UCO Bank amounted to Rs 9.65 crore.
- Provisional attachment of Rs 4.08 crore confirmed.
Bhopal, March 1 (NationPress) A former Uco Bank official, along with his associates and a private company, is facing legal action after an extensive investigation by the Enforcement Directorate (ED) into alleged money laundering activities.
The ED has submitted a charge sheet against M/s Maa Bijasen Agro Infrastructure Warehouse and others under the Prevention of Money Laundering Act (PMLA), 2002. This charge sheet was filed on February 28 before a Special PMLA Court in Bhopal, which has acknowledged the charge sheet.
The inquiry was triggered by an FIR lodged by the CBI, ACB Bhopal under various sections of the Indian Penal Code and the Prevention of Corruption Act, 1988, against Ranjan Kumar Sinha (the then Chief Manager of UCO Bank, Morena Branch, MP), Ravindra Kumar Sharma S/o Murari Lal Sharma (Partner of M/s Maa Bijasen Agro Infrastructure), Sangeeta Sharma, wife of Ravindra Kumar Sharma (Partner of M/s Maa Bijasen Agro Infrastructure), and others.
According to the ED, the investigation revealed that Ranjan Kumar Sinha and the partners of M/s Maa Bijasen Agro Infrastructure colluded to fraudulently obtain bank loans by presenting falsified Warehouse Receipts (WHRs). Their actions resulted in a financial loss of Rs 9.65 crore to UCO Bank, leading to the generation of significant proceeds of crime.
Previously, the ED had attached proceeds of crime worth Rs 4.08 crore through a provisional attachment order issued in September 2023, which was upheld by the Adjudicating Authority (PMLA) in New Delhi.
While serving at the UCO Bank Morena Branch, Ranjan Kumar Sinha allegedly acquired 22 warehouse receipt loans by presenting false warehouse receipts. This misappropriation of bank funds led to the diversion of loan amounts to various bank accounts, which were subsequently used to purchase properties after cash withdrawals.
The investigation is ongoing, as stated by the ED.
