New Delhi, Jan 19 (UNI) Enforcement Directorate (ED) on Tuesday said that it has arrested an absconding accused Narender Kumar Patel who was the Director of Jay Ambe Gowri Chem Limited, under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA) for cheating State Bank of India to the tune of Rs 65.39 crore by using forged documents.
A 'Look Out Circular' was issued against Patel last year and he was detained by the Immigration officials at Ahmedabad airport and later arrested by ED. The accused was produced before PMLA Special Court, Hyderabad and sent on 10-day ED custody till January 29 for his interrogation.
The ED took up the case to investigate under PMLA on the basis of CBI FIR registered on February 18, 2018 under section 120-B read with 420, 467, 468 & 471 of IPC, 1860 and 13(2) read with 13(1)(d) of PC Act, 1988, which disclosed that accused Narender Kumar Patel and others had committed fraud by cheating SBI to the tune of Rs 65.29 crore.