Ahmedabad: The Directorate of Enforcement (ED), Ahmedabad Zonal Office, has filed a prosecution complaint against M/s Anil Nutrients Ltd, its director Amol Shripal Sheth, and six other accused persons/entities in connection with a money laundering case linked to an alleged bank fraud of ₹47.88 crore involving Bank of India.

The ED initiated its investigation under the Prevention of Money Laundering Act (PMLA) based on an FIR registered by the CBI, SC-I, New Delhi against M/s Anil Nutrients Limited and others. The FIR pertains to offences punishable under Sections 120-B and 420 of the IPC, 1860, and Section 13(2) read with Section 13(1)(d) of the Prevention of Corruption Act, 1988.

Following its investigation, the CBI filed a chargesheet against Amol Shripal Sheth, Managing Director of M/s Anil Nutrients Ltd, and seven others under Sections 120-B and 420 of the IPC before the Court of the Additional Chief Judicial Magistrate (CBI) in Ahmedabad.

According to the ED, its investigation revealed that M/s Anil Nutrients Limited and its director Amol Shripal Sheth allegedly defrauded Bank of India of ₹47.88 crore by diverting and siphoning off bank funds to sister concern companies without any genuine business transactions as part of a well-knit conspiracy.

The probe found that sham transactions were created to divert large sums to related entities, artificially inflating the turnover of group companies. The accused allegedly obtained substantial loans from banks with the intention of causing wrongful loss to the bank and wrongful gain to themselves, with the loan amounts subsequently diverted through bogus transactions.

During the PMLA investigation, ED conducted search operations at premises linked to Amol Shripal Sheth and other individuals associated with the Anil Group of companies. The searches reportedly led to the discovery of crucial evidence related to properties that were not mortgaged with the banks.

The ED has also issued a provisional attachment order for immovable properties worth ₹5.39 crore in connection with the case. Further investigation is currently underway. DeshGujarat