ED arrests MD of company in ₹900 crore money laundering case

Agency alleges promoters formed 15 shell companies and carried out bogus transactions

The Enforcement Directorate has arrested the managing director of Usher Agro Limited and other group companies in a money laundering case involving more than ₹900 crore.

The accused has been identified by the agency as Vinod Chaturvedi, who faces the charge of bank loan fraud.

The ED probe is based on a First Information Report (FIR) registered by the Central Bureau of Investigation in January 2019, against the firm, Mr. Chaturvedi, Manoj Pathak and others.

It has been alleged in the FIR that the group took loans from a consortium of banks and siphoned off the funds.

According to the ED, the proceeds of crime have been identified and quantified to the tune of ₹915.65 crore.

The agency alleged that the company promoters had formed 15 shell companies and carried out bogus transactions with these entities.

“Also, the group companies have carried out bogus transactions with DHFL group companies. During investigation, Vinod Chaturvedi was non-cooperative and did not divulge any information. Therefore, he has been arrested,” said an official. He is currently in ED custody.

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