A provisional order for attachment of properties under the Prevention of Money Laundering Act (PMLA) has been issued against Educomp Professional Education Limited, a group company of Educomp Group.
“Edu Smart Services Pvt Ltd diverted bank loan amount to Rs 90.31 crore and created assets in the name of sister concern of Educomp Professional Education Ltd in Ranga Reddy district of Telangana through a web of transactions,” the ED said.
This Rs 90.31 crore, in the form of parcel of land and rent, is proceeds of the offense and was accordingly attached as per the provisions of PMLA.
The total “default” in loan repayment wrongly inflicted on the lending banks is Rs 1,955.36 crore in this case.
The ED’s money laundering case against the group stems from an FIR registered by the Central Bureau of Investigation (CBI) against the accused company and its promoters.
Find stories that interest you
The group promoted by IIM Ahmedabad pass out Shantanu Prakash, is going through the corporate insolvency resolution process.
The CBI had booked Educomp Solutions, its subsidiaries and directors in February 2020 for defrauding a consortium of 13 banks led by SBI to the tune of Rs 1,955 crore.
The agency has booked Educomp Solutions Limited, its managing director Shantanu Prakash, guarantor Jagdish Prakash, its subsidiary Edu Smart Services Pvt Ltd and directors Vijay Kumar Choudhary and Vinod Kumar Dandona for criminal conspiracy, cheating, forgery and under provisions of the Prevention of Corruption Act. Was. ,
After registering the FIR, the agency searched the premises of Educomp Solutions, Edu Smart and its directors at eight locations in Delhi, Dehradun and Gurugram.
CBI officials had said that the banks have alleged that Educomp Solutions (ESL), incorporated in 1994, was in the business of creating digital educational content for schools and vocational courses under the brand names “SmartClass” and “Edureach” respectively.
It used to enter into tripartite agreements with its subsidiary, Edu Smart Services Pvt Ltd (ESPL) and schools for providing the content.
Officials had said that ESL used to sell hardware and digital content under its “SmartClass” business to ESPL, which sold it to schools on a quarterly basis with the receipt of sales spread over a contract period of five years.
It is alleged that ESPL had sought term loans from the members of the association by keeping the stipulated future cash flows as security from the schools, which was granted.
The CBI alleged that the debt raised by ESPL was required to be given to its creditors, which is ESL.
Later, ESL discontinued its business of selling “smartclasses” through ESPL and decided to sell directly to schools, officials had said.
He had said that the banks restructured the debt of ESPL, closed its term loan accounts and transferred the liabilities to ESL.
He had said that fresh term loans were disbursed by banks to ESL, along with the future receivables of ESPL were also transferred to it.
Due to non-fulfilment of loan terms and conditions, ESL loan accounts became Non-Performing Asset (NPA) in 2016.
It is also alleged that ESL and ESPL through their directors entered into tripartite agreements with schools and induced banks to disburse term loans by including non-executed, canceled or pre-closed contracts in the list of executed contracts. did. said. PTI NES Div Div
No comments:
Post a Comment