New Delhi : , Nov 18, 2018 – The Enforcement Directorate has brought a complaint against two individuals for active participation in money laundering in the case of Rs 3269.42 crore bank fraud involving Shakti Bhog Foods Limited. Ashok Kumar Goel, Devki Nandan Garg and Devki Nandan Garg were both accused.They assisted Shakti Bhog Foods Limited’s directors and generation of loans via the shell companies they controlled.
ED initiated a money laundering investigation based on an FIR filed by the CBI contre M/s Shakti Bhog Foods Limited, and other suspects, for criminal conspiration, cheating, and criminal misconduct.
According to the Financial Probe Agency, “Investigation found that Kewal Krishan Kumar (CMD), Shakti Bhog Foods Limited, Raman Bhuraria and Ashok Kumar Goel conspired with the consortium of 10 bank led by the State bank of India.”
The ED claims that the two were involved in the provision of fake bills to Shakti Bhog without any actual business transactions.
Official said that these fake bills enabled inflated stock and turnover, and the purchase/sale/purchase of SBFL in order to allow it to obtain enhanced credit facilities at consortium banks on the foundation of so inflated financial reports.” He also stated that Devki Nandan Garg, Ashok Kumar Goel, were both beneficiaries of proceeds from crime.
The Enforcement Directorate, in this instance, has provisionally attached immovable and movable property worth Rs.98.31 Crore to the Shakti Bhog Group companies and their directors/promoters Raman Bhuraria (CA) and Usha Bhuraria (among others), under Section 5(1) of 2002’s Prevention of Money Laundering Act.
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