ED searches in Gujarat, 3 other states and 2 UTs in Rs 179.28 crore fraud case

The ED conducted the searches astatine the bureau and residential premises of their directors and promoters Sunil, Suman Guglani and others successful this case, it said successful a connection connected Thursday. The borrowing companies, portion of the Guglani Group, are engaged successful the concern of multicolour offset printing and machine stationery, it added.

The ED had initiated its probe connected the ground of FIRs registered by CBI against M/s Super Multicolors Printers Pvt Ltd, M/s. Dunn Foods Pvt. Ltd. and their Directors/ Promotors Sunil Guglani and Suman Guglani and others for causing wilful nonaccomplishment totalling to Rs 179.28 crore to consortiums of banks (including PNB, Canara Bank, SBI, ICICI and Central Bank of India).

The companies allegedly utilized forged documents and fraudulently inflated fiscal results to get loans from the consortium banks and aboriginal diverted the aforesaid to their ain radical companies specified arsenic M/s Shivek Labs Limited, M/s Super Health care, M/s Sky Blue Papers, M/s York Polymer etc. and different ammunition companies successful the names of sham sale/purchase transactions.

The bureau said its searches resulted successful the alleged find of assorted caller slope accounts and seizure of currency of Rs 3 lakh, incriminating documents and integer evidence.

Further probe is underway.