New Delhi: The Law Enforcement (ED) Directorate said on Friday that it had issued the Interim Seizure Order for the seizure of immovable property worth Rs 62.70 crore from Nipko Engineering Services Pvt Ltd (NESP ) in a bank fraud case.
The ED initiated a money laundering investigation in 2020 based on the CBI registered FIR, ACB Pune, in which a complaint was filed against NESP, its director Narendra Achyut Rao Korde, unknown officials of Andhra Bank and others for committing bank fraud of Rs 72.99 million.
The modus operandi used to launder the funds was that the accused obtained fake purchase orders from different companies and there, after preparing fake supporting documents, namely invoices, delivery slips, receipt of goods slips, etc to show the real transactions of goods between companies.
Subsequently, these documents along with the request for bill discounting were submitted to Andhra Bank. Subsequently, other associated persons, i.e. directors, owners, authorized signatories of fictitious buyer companies, gave acceptance of said invoices to their respective banks in which no physical transaction of goods was was performed. Said counterfeit notes were discounted and amounts were credited to Korde’s business account.
The funds were then laundered under the guise of payments to third parties and bogus companies and cash withdrawals and were overlaid and embedded in the bank account of various other companies to hide the original source of the proceeds of crime and used to acquire real estate worth Rs 62.70. crore, which have been provisionally attached.