ED arrested the chairman, action in bank fraud case
New Delhi: The Enforcement Directorate (ED) has arrested Manoharlal Satramdas Agicha, chairman of Associate High Pressure Technologies Private Limited (AHPTPL), who was absconding in a bank fraud case and was changing phone-SIM cards. In this case the bank suffered a loss of Rs 149.89 crore.
ED said Agicha was arrested on November 10 and remanded to the agency’s custody for three days by a special court in Mumbai. The ED investigation found that the loan amount was illegally diverted through fake inland credit letters, fake unsecured loans and other methods as well as commission to the concerned entities.
ED said, “In this case, 9 searches were already conducted by ED in Mumbai, Ahmedabad, Kandla and Pune and AHPTPL Managing Director Ramchand Kotumal Israni was earlier arrested by ED on August 8 and currently he is in judicial custody. Are.”
ED had filed the charge sheet on October 4. Agicha had absconded during the investigation and had not appeared before the ED despite several summons, hampering the investigation.
Meanwhile, intelligence was being gathered for some time to trace Agicha after he repeatedly changed his phone and SIM card. Eventually, on 10 November, a residential complex in Pune where he was hiding to avoid criminal proceedings was searched and he was arrested.
The ED had registered the case against Associate High Pressure Technologies Pvt Ltd and its directors and shareholders on the basis of an FIR lodged by the CBI.
