In a money laundering case connected to a bank loan scam, the Enforcement Directorate (ED) detained Kewal Krishan Kumar, the chairman and managing director (CMD) of Shakti Bhog Foods Limited.
According to the ED, Kumar was detained in Delhi under the principles of the Prevention of Money Laundering Act (PMLA). “This arrest was in continuation of a search which has been carried out at nine premises located in Delhi and Haryana. During the search, various incriminating documents and digital evidence have been recovered,” the statement read.
Kumar was arrested and sent to a special PMLA court, where he was held in ED detention till July 9.
The Central Bureau of Investigation (CBI) filed a first information report (FIR) against "Kewal Krishan Kumar and unknown others" for criminal conspiracy, fraud, and criminal misconduct, according to the central agency's case.
According to news agency PTI, the CBI's FIR alleges a fraud of Rs 3,269 crore involving a coalition of ten banks led by the State Bank of India (SBI). After the SBI filed a complaint against Shakti Bhog Foods, the CBI filed an FIR. According to the public sector bank, the company's directors reportedly fabricated accounts and faked documents to steal public cash.
The ED also stated in its statement that the accusations against the perpetrator also include the misappropriation of funds from loan accounts via affiliated companies and the siphoning of funds through questionable sales or purchases from different bodies.
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