The CBI has attached nine wind turbine generators and land worth over ₹18 crore of Surat-based Nakoda Limited in connection with alleged loan defaults of ₹2,107 crore. The properties are located in Tirunelveli, Tamil Nadu.
The CBI had earlier registered a case against Nakoda Limited, its chairman and managing director Babulal Gumanmal Jain, his son and joint managing director Devender Jain and others.
According to the agency, the company took fund based and non-fund based financial assistance from a consortium of 13 banks led by Canara Bank and defaulted on loan repayments.
The ED found that the Jains had conspired with a trader named Puneet Rungta and a chartered accountant, Jagdish Somani, to carry out fake sale and purchase of fancy fabrics with the companies floated by them.
Based on the fake purchase invoices, Nakoda opened 1,212 of letters of credit with the banks amounting to ₹4,207 crore. Investigation revealed that 202 of the letters of credit worth ₹827.98 crore devolved due to non-payment by the company.
It is alleged that the funds were laundered through circular transactions with various firms and then used for repayment of various loans, including term loans, interest, banking charges and as working capital for meeting day-to-day expenses towards running the company’s plant and factory.
The ED had earlier attached assets with ₹375.71 crore in the same case and also filed a chargesheet against the accused.
