The Enforcement Directorate (ED,) on the 20th of August, arrested Ratul Puri, the nephew of Madhya Pradesh (MP) Chief Minister Kamal Nath, for alleged bank fraud.
Ratul Puri, who worked as a senior executive at Moser Baer, a now defunct electronics firm, allegedly took loans from various banks in the name of the Company.
Besides Ratul, four former directors of the Company, Deepak Puri, Nita Puri, Sanjay Jain and Vineet Sharma, were also accused of bank fraud. The accused did a fraud of Rs. 354 crores from several banks.
The Central Bureau of Investigation (CBI,) on the 18th of August, started the probe after the Central Bank of India filed a complaint against Ratul Puri.
The CBI filed a First Information Report (FIR) and raided 6 of his properties across Delhi.
This is not the only case running against Mr. Puri. He is involved in cases related to tax fraud, bribes and many more. The CBI is also conducting an investigation against Ratul Puri related to the AgustaWestland chopper scam.
However, Ratul Puri denied all the allegations and said he is innocent and had no role to play in the bank frauds.
On the 19th of August, Ratul Puri appeared before the ED in connection with bank fraud and later, on the night of the 19th of August, the ED arrested Ratul.
The Delhi High Court also cancelled Ratul Puri’s anticipatory bail and issued a non bailable warrant against him.
Ratul Puri was arrested under the Prevention of Money Laundering Act (PMLA.) The CBI and the ED are investigating the matter.
Stay tuned for further updates.
