The Enforcement Directorate (ED) has provisionally attached movable and immovable assets worth Rs 17.70 crore, held in the name of M/s ABC Cotspin Pvt. Ltd. and other related entities by Provisional Attachment Order (PAO) dated June 10, 2022. It is alleged that M/s ABC Cotspin Pvt. Ltd., defrauded State Bank of India (SBI) and Bank of Baroda (BoB) to the tune of Rs 804.49 crore. The ED investigation had revealed that the said company was availing Bill Discounting facilities from the above-mentioned banks against Letter of Credit of prime banks.
The ED had initiated investigations under Prevention of Money Laundering Act (PMLA) against M/s ABC Cotspin Pvt. Ltd and its director Ashish S Jobanputra and others, on the basis of the case registered by CBI, BS & FC, Mumbai against the said accused and accomplices under Indian Penal Code and Prevention of Corruption Act, wherein, it was alleged that M/s ABC Cotspin Pvt. Ltd., defrauded SBI) and BoB to the tune of Rs. 804.49 crore. ED investigation revealed that the said company was availing Bill Discounting facilities from the above-mentioned banks against Letter of Credit of prime banks.
‘During the period 2014-15, the prime accused Ashish S Jobanputra without making any genuine exports, got prepared and signed the fake export documents and presented them to SBI and BoB. Ashish Jobanputra got these fake export bills discounted from banks which remain unpaid and caused loss to the banks. Now, ED has traced various properties held in the names of M/s ABC Cotspin Pvt. Ltd. and other related entities/persons and attached movable and immovable properties worth Rs 17.70 crore. Total attachment in this case till date is Rs 31.20 crore,” the ED claimed in a statement on Thursday.
