Mumbai: The Directorate of Enforcement Arrested by Vinod Chaturvedi, Managing Director of the Company based at Andher Usher Agro Ltd, in the case of RS 916 money laundering and produced it before the court on Saturday.
The court returned Caturvedi in a five-day custody.
Ed alleged Chaturvedi and Director of Manoj Pathak, along with other, conspiring to cheat the bank after taking a loan and suck money through fictitious transactions.
ED officials stated that Vinod Chaturvedi was the key person involved in money laundering and he refused to give details of the footprint as long as his question last Friday, which caused his arrest in this case.
ED officials stated that during the investigation, they found that the defendant had formed 15 Shell companies and had made a fake transaction through this Shell company.
The accusation was also alleged to send money abroad, especially to Dubai, through fictitious transactions.
Usher Agro Group Company has also made a fake transaction with a group of Housing Scam Finance Ltd.
(DHFL).
Education case ed is based on the CBI version registered in 2019 against Usher Agro Ltd., a rice mill, promoter and director for suspected deceiving RS 916 Crore from the Bank’s consortium, including the IDBI Bank which is the case.
Usher claims as one of the leading rice mills in the country and has a registered office at Laxmi Industrial Estate at Andher (West).
Allegedly Usher Agro has exceeded its shares, which helped utilize the increasing working capital limit of the bank.
The company has directed money and cheats the bank.
Officials said Usher Agro had used around 15 suspicious companies, with whom he entered into a fictitious sales transaction, and used it to suck down bank loan between 2013 and 2016.
Andheri MD company was held for Scam RS 916 Crore
