The Enforcement Directorate arrested Manoharlal Satramdas Agicha, Chairman of M/s Associate High Pressure Technologies Private Limited under the provisions of Prevention of Money Laundering Act in a bank fraud case for causing loss to the tune of Rs 149.89 crore to the bank.
Agicha was produced before the Special PMLA Court in Mumbai and was granted 3-day police custody.
Enforcement Directorate had initiated the investigation on the basis of an FIR registered by CBI under IPC as well as the Prevention of Corruption Act against AHPTPL and its directors/shareholders.
ED investigation revealed that loan amount was illegally diverted by way of fictitious Inland Letters of Credit, bogus unsecured loans & commissions to related entities along with other methods.
In this case, nine searches had been conducted by ED in Ahmedabad, Kandla, Mumbai and Pune. Ramchand Kotumal Issrani, MD of AHPTPL , had earlier been arrested in this case on August 8, 2023, and is currently in judicial custody. The ED had earlier filed one prosecution complaint in this case on October 4, 2023.
Agicha had been absconding during the PMLA investigation and had allegedly not appeared before ED despite multiple summons. Meanwhile, the ED located him on the basis of his phone and sim card changes. On November 10, the Enforcement Directorate raided a premise in Pune from where Agicha was arrested.