ED files chargesheet under PMLA against Himachal firm, its MD

Tribune News Service

New Delhi, March 4

The Enforcement Directorate (ED) on Thursday said it had filed Prosecution Complaint (equivalent to a police chargesheet) before a special court in Shimla against Indian Technomac Company Limited, its Managing Director Rakesh Kumar Sharma, Director Vinay Kumar Sharma and 12 other accused under the Prevention of Money Laundering Act (PMLA).

ED officials said that investigation was initiated following the registration of FIR by the CID of Himachal Pradesh Police.

In the complaint, the ED has alleged that the company by way of criminal activity related to scheduled offences had acquired funds to the tune of Rs 407.13 crore in the form of equity infused by promoter companies. The fund was allegedly sourced through illegal means by diverting loans taken by the company from various banks.

Directors of the company were allegedly involved in money laundering, as they benefitted by way of receiving equity shares of the company and also purchased properties in individual names, the ED said, adding that the agency had attached assets worth Rs 288.91 crore of the company and its promoters in September 2019.

“Money laundering investigation revealed that the accused persons devised the modus operandi of diverting bank loan funds to the tune of Rs 407.13 crore from the company to the multiple layers of shell companies, which was subsequently placed back in the accused company by way of allocation of its equities to the promoter companies controlled by accused Rakesh Kumar Sharma,” said ED officials.

It was also revealed during the course of investigation that fictitious huge rise in revenue from operations was shown in the balance sheets of the Indian Technomac Company Limited whereas a number of shell firms were used for showing bogus sales and corresponding purchases, the officials said.