The Directorate of Enforcement (ED) has filed a prosecution complaint before the Special Court (PMLA) against two promoters of a Delhi-based oil and gas integrated services provider firm under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in an alleged bank fraud case of more than Rs300 crore, the agenct 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 initiated an investigation 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.
As per the said FIRs, Prem Singhee and Padam Singhee, along with others, cheated banks to the tune of Rs 252 crore (availed from Punjab National Bank in the name of M/s SVOGL Oil Gas & Energy Limited) and Rs 65 crore (availed from 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 syphoned off by the promoters. The accused persons 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 being operated by dummy directors. The verification of the bank accounts and analysis of the money trails 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 entities and persons on December 15, 2023.
During the search proceedings, evidence relating to fictitious transactions and transactions with shell entities was recovered. The search operation and post search investigations had resulted in the discovery of various companies being held or operated by him.
The central agency had provisionally attached assets worth Rs 58.82 crore (investments held with various fund managers and deposits with corporates) belonging to Padam Singhee on January 25, 2024, under the provisions of the PMLA, 2002, the statement said.
Another provisional attachment order was passed on March 22, 2024, wherein immovable assets worth Rs 57 crore belonging to Padam Singhee were attached. The confiscation of the properties found is also prayed for in the prosecution complaint, it added.
