Ahmedabad, March 6 (NationPress) The Enforcement Directorate (ED) has submitted a prosecution complaint against M/s Anil Nutrients Ltd, its director Amol Sheth, and six other individuals regarding an alleged money laundering scheme linked to a bank fraud amounting to Rs 47.88 crore involving Bank of India.

This complaint was lodged by the ED’s Ahmedabad Zonal Office as part of an ongoing inquiry into the operations of Anil Nutrients Limited and associated entities.

According to officials, the case is associated with a purported fraud where loan funds from Bank of India were misappropriated and funneled through a web of related companies.

The investigation into money laundering began following an FIR filed by the Central Bureau of Investigation (CBI), SC-I, New Delhi.

The FIR implicated Anil Nutrients Limited and others for alleged violations under Sections 120-B and 420 of the Indian Penal Code, 1860, alongside Section 13(2) read with 13(1)(d) of the Prevention of Corruption Act, 1988.

Following its investigation, the CBI submitted a chargesheet against Amol Shripal Sheth, Managing Director of Anil Nutrients Ltd, and seven other individuals under Sections 120-B and 420 of the IPC before the court of the Additional Chief Judicial Magistrate, CBI, in Ahmedabad.

The ED's investigation indicated that the company and its director allegedly defrauded Bank of India by Rs 47.88 crore.

Investigators noted that the funds were redirected and siphoned off to affiliated companies without any legitimate business transactions.

The agency asserted that this alleged diversion of funds was executed as part of a “well-coordinated conspiracy.”

Fake transactions were purportedly fabricated to shift substantial amounts to related firms, while the turnover of group companies was artificially inflated to create the illusion of genuine business activity.

The ED emphasized that substantial bank loans were acquired with the alleged aim of inflicting wrongful losses on the bank and generating wrongful gains for the accused.

Subsequent to the loans, the amounts were reportedly diverted or siphoned off through fraudulent transactions, as per investigators.

In the course of the investigation under the Prevention of Money Laundering Act, the ED conducted search operations at the residences of Amol Sheth and several other individuals connected to the Anil Group of companies.

Officials indicated that the searches uncovered significant evidence, including information about properties that were not secured with banks.

The agency also issued a provisional attachment order for immovable assets valued at Rs 5.39 crore in relation to this case.

Further inquiries into the situation are currently underway, as stated by officials.