PANJIM: The Enforcement Directorate (ED) has filed prosecution complaint before the Special Court (Prevention of Money Laundering Act), Mapusa against 27 accused of M/s Ganindu Milk & Milk Products Pvt Ltd (GMMPL) and other related entities of Siddharth Group of Companies including their director and promoters.
The Special Court has taken cognisance of the same on August 17. The ED initiated investigation under the Prevention of Money Laundering Act (PMLA) on the basis of investigations initiated by CBI, Goa in a bank fraud matter against M/s Ganindu Milk & Milk Products Pvt Ltd and others.
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The ED investigation revealed that the GMMPL obtained term loan of Rs 34.20 crore on March 15, 2011 from State Bank of India (SBI) with an objective to set up a tetra pack milk production unit i.e. Ultra-Heat Treatment Plant (UHT) at Solapur in Maharashtra. The GMMPL with dishonest intention, under the guise of procurement of UHT machinery, illegally diverted the term loan of Rs 20 crore into the bank accounts of other related companies.
Likewise, the GMMPL had opened nine Letters of Credit (LCs) with the SBI and a total amount of Rs 19,01,98,670 was discounted for supply of butter, however, the said LC amount was not utilised for the intended purpose of butter procurement instead diverted the same into the bank accounts of other related companies.
