ED Arrests MP Nephew in Bank Fraud Case
The Enforcement Directorate has arrested Madhya Pradesh Chief Minister’s nephew in his alleged involvement in the a Bank fraud.
Moser Baer India Limited was an Indian company that made storage devices such as CDs, DVDs, Pen Drives, etc.Ratul Puri was the ex-Executive Director of the company Moser Baer India Limited and the nephew of Madhya Pradesh Chief Minister Kamal Nath. The company was facing many financial problems in 2009. This is why, MBIL took loans worth about Rs. 1,962 crore from 14 public banks. The company tried to repay the loans but it was unable. When the company’s audit was done and in April, MBIL's accounts was declared fraud. It was found that MBIL cheated the Central Bank of Rs. 354.51 crore. Central Bank said the loan that was given to MBIL was used by the Directors for their own personal use.
Ratul Puri and four directors of the company were arrested by the Enforcement Directorate (ED) under the Prevention of Money Laundering Act (PMLA). The ED is an organisation that fights economic crimes in India.The ED is also investigating Puri's alleged role in the AgustaWestland VVIP choppers case. The case is about a bribe taken by him to purchase purchase of 12 VVIP choppers from Italy company called AgustaWestland. The entire deal cost Rs 3,600.He has also been questioned several times in the past few months by investigating agencies for alleged tax evasion.
