Central agency Enforcement Directorate (ED) bank loan fraud And major action has been taken in a money laundering case. Under this action, the dairy sector giant company quality Assets worth ₹442.85 crore of the former promoters have been attached. These properties are spread across Delhi, Haryana and Punjab.
The assets seized include:
- 12,000 sq yard farmhouse in DLF Chhatarpur, Delhi.
- Residential properties in Vasant Vihar and Punjabi Bagh.
- Residential plots in Karnal, Haryana and Mohali, Punjab.
ED has Prevention of Money Laundering Act (PMLA) Under this, these properties have been provisionally attached.
Captured through dummy companies
According to ED, on these properties Former promoters of Kwality, Siddhant Gupta and Sanjay Dhingra. was captured through dummy companies.
- The drivers and security guards of the promoters were appointed as directors of these dummy companies.
- Dummy companies were used to hide these assets and divert money.
What is the basis of ED’s action?
This action of ED CBI FIR registered in September 2020 Is based on. In this FIR, quality promoters and company ₹1,400 crore bank loan scam Was accused of.
The company claims that it manufactured and sold milk, ice cream and other milk products. However, later the company liquidation Moved in and its ownership changed.
ED in its investigation found that the promoters:
- Manipulated the company’s accounts to artificially inflate sales and outstanding debtors.
- Making fraudulent transactions without delivery or receipt of genuine goods.
- Tried to hide the source of money by moving it around through fake companies.
How did the fraud happen?
As per ED investigation:
- The promoters diverted loans taken from the consortium of banks to accounts which were not used for purposes sanctioned by the banks.
- The money was diverted through shell companies and the real purpose was hidden.
- Large scale fraudulent transactions were shown in the company’s factory without delivery of goods.
The raid took place in November 2024
ED in Delhi-NCR in this case in November 2024:
- Former promoters of quality.
- Directors of the company.
- And 15 locations of quality related shell companies were raided.
Important documents and evidence were collected in this raid, after which this property was confiscated.
Big significance of ED’s action
This case pertains to big loan fraud and money laundering related to banks.
- confiscation of property This shows that the agency is taking strict action against promoters and companies involved in fraud.
- This indicates that in future, strict action will be taken against those involved in such frauds.
What is the current condition of Kwality?
Kwality, once a leading company in the dairy industry, is now in liquidation.
- The ownership of the company has changed.
- The investigation by ED and CBI has revealed the irregularities of the promoters of the company.
This matter of quality is not only a warning to the banking sector but also a lesson to other industries that money laundering and fraud will not be tolerated.
