The Directorate of Enforcement (ED) has filed a charge sheet before the Special Court (PMLA) against two promoters of a Delhi-based oil and gas integrated service provider company under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in an alleged bank fraud case of more than Rs 300 crore, the agent said in a statement on Thursday.
The complaint was filed on April 5 against Padam Singhee and Prem Singhee (promoters) of SVOGL Oil Gas & Energy Limited.
The central probe agency has initiated a probe on the basis of two FIRs registered by the Central Bureau of Investigation (CBI) against SVOGL Oil Gas & Energy Limited, Max Tech Oil & Gas Services Pvt Ltd, Prem Singhee, Padam Singhee and others.
According to the said FIRs, Prem Singhee and Padam Singhee, along with others, defrauded banks to the tune of Rs 252 crores (utilized by Punjab National Bank in the name of M/s SVOGL Oil Gas & Energy Limited) and Rs 65 crores (utilized by Bank of India in the name of M/s Max Tech Oil & Gas Services Pvt Ltd.)
According to the press statement, the ED investigation revealed that money was transferred to various shell and dummy companies under the guise of expenses and was siphoned off by the promoters. The defendants also made investments that were not related to the intended purposes of bank loans.
The ED investigation revealed that Padam Singhee acquired properties held by SOGL Group companies indirectly at nominal rates through shell companies beneficially owned by him. Other properties were also acquired or held by him through such shell companies. The structure of the companies was planned in such a way as to avoid detection by banks or enforcement agencies, the statement added.
The companies were operated by dummy directors. The verification of the bank accounts and analysis of the money flows led to the discovery of many investments being held and enjoyed by Padam Singhee for the benefit of himself and his family members.
ED conducted search operations on the group units and persons on December 15, 2023.
During the search proceedings, evidence relating to fictitious transactions and transactions with shell units was recovered. The search operation and subsequent search investigations resulted in the discovery of various companies being held or operated by him.
The central agency has provisionally attached assets worth Rs 58.82 crore (investments held with various fund managers and deposits with corporations) belonging to Padam Singhee on January 25, 2024, as per the provisions of the PMLA, 2002, the statement said .
Another interim attachment order was passed on March 22, 2024, wherein immovable properties worth Rs 57 crore belonging to Padam Singhee were attached. The confiscation of the found properties is also prayed for in the charge sheet, it added.