J&K Bank loan fraud: ED seizes assets of spice trading company: The Tribune India


New Delhi, September 30

The Directorate of Enforcement (ED) today announced that it has issued a provisional seizure order under the Prevention of Money Laundering Act to seize assets worth Rs 145.26 crore owned by SA Rawther Spices Pvt Ltd and others in the J&K Bank loan fraud case.

ED officials said the attached assets include real estate in the form of a factory building, shops, apartments and land.

The ED opened an investigation under the penal provisions of the PMLA on the basis of an FIR registered by the Anti-Corruption Office of J&K against Syed Anish Rawther, promoter director of the beneficiary company then branch manager of J&K Bank , BU Infantry Road, Bangalore branch, the official said.

The official said the investigation found that the accused company obtained several loans and used the same to export goods mainly to related parties and that the export earnings were never realized in India.

“The company has diverted funds to sister companies by adjusting their overdue export invoices by releasing new packaging credits, domestic letters of credit (ILC) to transactions with sister companies through the hosting of invoices under the cover of ILC. The company also received packaging credit loans from J&K Bank and used it to make payments into the term loan account of Central Trade Agency Private Ltd, which is a sister company of SA Rawther Spices ”, a he declared. – TNS


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