54 mins ago
ED Files ₹66 Crore Fraud Complaint Against Ruchi Global
The Enforcement Directorate has taken a bank-fraud case involving Ruchi Global to court.
It says the company and others allegedly used fake documents to obtain credit from banks.
The credit involved Letters of Credit worth about ₹66 crore.
The money was allegedly moved through several companies and then returned to Ruchi Global’s accounts.
The banks were not repaid when the bills became due.
This caused losses for the banks, according to the allegation.
The ED earlier seized ₹23.50 lakh and froze some bank accounts.
It also attached property worth ₹5.13 crore while continuing its investigation.
The Enforcement Directorate filed a prosecution complaint against 21 accused persons and entities in Indore.
The case concerns alleged bank fraud of approximately ₹66 crore involving Ruchi Global Limited, now known as Agrotrade Enterprises Limited.
The company allegedly obtained Letters of Credit using fabricated bills of exchange and fake lorry receipts for agro-commodity purchases.
The proceeds were allegedly routed through shell and layering entities before returning to Ruchi Global’s accounts within one to three days.
The ED previously seized ₹23.50 lakh in cash and attached immovable property valued at ₹5.13 crore during its investigation.
- Who
- The Enforcement Directorate filed the complaint against 21 accused persons and entities, including Ruchi Global Limited, now known as Agrotrade Enterprises Limited.
- What
- A prosecution complaint was filed in an alleged ₹66 crore bank-fraud and money-laundering case.
- Where
- Before the PMLA Court in Indore, Madhya Pradesh.
- When
- The complaint was filed on Thursday; the ED searches occurred on December 23 last year and the property attachment order was issued on February 18 this year.
- Why
- The ED alleges that Letters of Credit were obtained using fabricated documents, causing wrongful losses to a consortium of banks.
Key facts
- Alleged fraud amount
- Approximately ₹66 crore
- Accused
- 21 persons and entities
- Company involved
- Ruchi Global Limited, now known as Agrotrade Enterprises Limited
- Banks named
- Punjab National Bank, Bank of Baroda and Jammu and Kashmir Bank
- Alleged method
- Letters of Credit supported by forged bills of exchange and fake lorry receipts
- Cash seized
- ₹23.50 lakh
- Property attached
- Immovable property valued at ₹5.13 crore
- Current status
- The court issued notices for a pre-cognisance hearing, and further investigation is in progress
Sources
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