The Enforcement Directorate on Thursday filed prosecution complaint against ABC Cotspin and its absconding director Ashish Jobanputra for money laundering in a bank fraud case of Rs804 crore before the PMLA court.
ED said in a release that it had initiated investigation under Prevention of Money Laundering Act (PMLA) on the basis of two FIRs and charge-sheets filed by Bank Securities and Fraud Cell of CBI against ABC Cotspin, its director Ashish Jobanputra, and officials of State Bank of India and Bank of Baroda, for criminal conspiracy and cheating.
"Investigations revealed that the accused has syphoned off Rs79.50 crore to China and Hong Kong in the guise of advance foreign remittances for import of goods and foreign agency commission. Against these advances, not a single consignment was imported," it said.
According to ED, Jobanputra was sending foreign remittances to a company named TIS (UK) Impex International in China, but the company's address was found to be non-existent.
ED had earlier attached immovable properties worth Rs14.50 crore, including an office at Nariman Point in Mumbai, and one at CG Road in Ahmedabad, under PMLA.
"The prosecution complaint has been filed before the PMLA Special Court against Ashish Jobanputra for laundering proceeds of crime with a prayer for punishment & confiscation of attached properties," ED added.
