Mumbai: The Enforcement Directorate (ED) conducted searches on Friday across eight locations in Mumbai and Yamuna Nagar, Haryana, targeting individuals and entities tied to a Rs 220-crore bank loan fraud. The raids were related to Sharon Bio Medicine Limited (SBML) and prominent figures Mohan Prasad Kala, Savita Satish Gowda, and Lalit Shambu Misra. Assets totaling Rs 14.53 crore, including funds from bank and Demat accounts, were seized, alongside several incriminating documents, digital devices, and property papers, according to ED officials.
The ED’s probe originated from a CBI case filed by the Anti-Corruption Bureau in Mumbai. Sharon Bio Medicine Limited and associated individuals are accused of defrauding banks by using falsified documents to secure credit facilities. The company allegedly caused banks to incur losses amounting to Rs 220 crore.
Modus Operandi of the Fraud:
SBML, a pharmaceutical company specializing in Active Pharmaceutical Ingredients, reportedly accessed credit facilities from various banks by submitting forged contracts and documents. Instead of using these funds for legitimate business, SBML is accused of siphoning funds to create personal assets.
The investigation revealed a network of shell companies associated with SBML, reportedly used for bogus transactions to inflate sales and turnover. Fake contracts and documents were presented to banks to secure or extend credit limits, which were then misappropriated.
Asset Diversion and Shell Companies:
After securing the loans, SBML allegedly routed the funds through numerous shell entities—many registered under the names of SBML employees and relatives of key individuals. These funds were then reportedly diverted to asset creation.
The ED confirmed that further investigations into the trail of funds and the web of shell companies are ongoing.
