ED Initiates Legal Proceedings Against Nava Bharat Press Promoters for Fraud and Cheating
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Synopsis
The Directorate of Enforcement (ED) has filed a Prosecution Complaint against Brij Maheshwari and others under the Prevention of Money Laundering Act for alleged fraud involving Nava Bharat Press. The investigation uncovers misuse of loan funds that led to significant financial losses for the Bank of Maharashtra.
Key Takeaways
- ED filed a complaint under PMLA.
- Investigation linked to CBI charge-sheet.
- Loans misused by Nava Bharat Press.
- Loss of Rs 15.67 crore for Bank of Maharashtra.
- Assets worth Rs 2.36 crore attached.
Bhopal, March 25 (NationPress) The Directorate of Enforcement (ED) in Bhopal has initiated legal proceedings against Brij Maheshwari and others, by filing a Prosecution Complaint under the Prevention of Money Laundering Act (PMLA), 2002.
This complaint was presented to the Special Court (PMLA) in Bhopal on March 22, 2025, and has been officially recognized by the court.
The investigation commenced following a charge-sheet from the Central Bureau of Investigation (CBI), particularly its Bank Securities & Fraud Cell in New Delhi.
The ED's investigation revealed that M/s Nava Bharat Press (Bhopal) Pvt Ltd, under the leadership of Director Sumeet Maheshwari, had obtained loans from the Bank of Maharashtra's Gautam Nagar branch in 2004. These loans, which were meant for enhancing the press and purchasing machinery, were reportedly misappropriated.
Rather than utilizing the funds for their intended purpose, the money was redirected through accounts associated with employees of the Enbee Group of companies, overseen by the Maheshwari family.
The investigation disclosed that the Maheshwari family employed these corporate entities to reroute the loan funds, settling both personal and corporate debts. This misdirection led to the misappropriation of funds, resulting in a loss of Rs 15.67 crore for the Bank of Maharashtra as the loan account transitioned into a non-performing asset (NPA).
In a previous update, the ED had provisionally attached assets valued at Rs 2.36 crore, which includes 10 properties located in Satna and Sehore, Madhya Pradesh, through an order dated March 30, 2024.
This attachment was subsequently affirmed by the Adjudicating Authority under the PMLA in New Delhi on September 10, 2024.
Nava Bharat Press (Bhopal), which publishes the Hindi daily 'Navbharat' in Madhya Pradesh, along with its promoters, the Maheshwari family, operate in various locations including Bhopal, Satna, and Sehore districts. They also publish an English newspaper ‘Central Chronicle’, previously known as ‘MP Chronicle.’
This case emphasizes the alleged exploitation of financial systems and showcases the ED's commitment to addressing financial irregularities and ensuring accountability.
