bank-fraud-ed-takes-action-against-nava-bharat-press-bhopal-pvt-ltd-in-money-laundering-probe

The Enforcement Directorate on Thursday said it has attached assets worth more than Rs 2 crore of a Madhya Pradesh-based newspaper publishing company and its promoters under the anti-money laundering law in a case linked to an alleged bank loan fraud.

Ten immovable properties of Nava Bharat Press (Bhopal) Pvt. Ltd., which publishes the Hindi daily 'Navbharat' in Madhya Pradesh, and its promoters, the Maheshwari family, located in Satna and Sehore districts have been provisionally attached, the federal agency said in a statement.

An order was issued on March 30 under the provisions of the Prevention of Money Laundering Act (PMLA) and the total value of the assets is Rs 2.36 crore, it said.

The money laundering case against the company stems from a Central Bureau of Investigation (CBI) charge sheet.

Nava Bharat Press (Bhopal) Pvt. Ltd., through its director Sumeet Maheshwari and others, availed various credit facilities from Bank of Maharashtra (Gautam Nagar branch in Bhopal) for modernisation of press and purchase of machineries in 2004, the ED said.

However, the loan amount which was sanctioned for the purchase of machineries and to meet other capital expenditures was "diverted" through bank accounts of various companies which were in the name of the employees of Enbee group of companies controlled by Sumeet Maheshwari's brother Sundeep Maheshwari, it alleged.

The Maheswari family (owners of Nava Bharat Press (Bhopal) Pvt. Ltd.) "diverted" the loan amount for the purpose of settling various corporate and personal liabilities and "mis-utilised" the loan disbursed, thereby cheating Bank of Maharashtra to the tune of Rs 15.67 crore.