A provisional order for attachment of the properties has been issued below the Prevention of Cash Laundering Act (PMLA) in opposition to Educomp Skilled Training Ltd, a gaggle firm of the Educomp Group, it mentioned in a press release.
“Edu Smart Services Pvt. Ltd. diverted financial institution mortgage funds to the tune of Rs 90.31 crore and thru an online of transactions created belongings at Ranga Reddy district in Telangana within the identify of sister concern of Educomp Skilled Training Ltd,” the ED mentioned.
“This quantity of Rs 90.31 crore, within the type of parcels of land and lease, is proceeds of crime and was accordingly hooked up as per provisions of the PMLA,” it mentioned.
The whole “default” in mortgage compensation inflicting wrongful loss to the lending banks is to the tune of Rs 1,955.36 crore on this case.
The ED’s case of cash laundering in opposition to the group stems from an FIR filed by the Central Bureau of Investigation (CBI) in opposition to the accused firm and its promoters.
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The group, promoted by IIM Ahmedabad passout Shantanu Prakash, is present process company insolvency decision course of.
The CBI had booked Educomp Options, its subsidiary and administrators for allegedly defrauding an SBI-led consortium of 13 banks to the tune of Rs 1,955 crore in February 2020.
The company had booked Educomp Options Ltd, its managing director Shantanu Prakash, guarantor Jagdish Prakash, its subsidiary Edu Good Providers Pvt Ltd and administrators Vijay Kumar Choudhary and Vinod Kumar Dandona for prison conspiracy, dishonest, forgery and below provisions of the Prevention of Corruption Act.
After submitting the FIR, the company had additionally carried out searches at eight places in Delhi, Dehradun and Gurugram on the premises of Educomp Options, Edu Good and its administrators.
The banks have alleged that Educomp Options (ESL), included in 1994, was within the enterprise of making digital instructional content material for colleges and vocational programs below the model names “Smartclass” and “Edureach” respectively, CBI officers had mentioned.
It used to enter tripartite agreements with its personal subsidiary, Edu Good Providers Pvt Restricted (ESPL), and colleges for offering the content material.
ESL used to promote {hardware} and digital content material below its “Smartclass” enterprise to ESPL, which used to promote it to varsities with realisation of gross sales unfold over a contract interval of 5 years on quarterly foundation, the officers had mentioned.
It’s alleged that ESPL had sought time period loans from consortium members by holding contracted future money flows from colleges as safety, which was sanctioned.
The loans raised by ESPL had been required to be handed on to its collectors, which is ESL, the CBI alleged.
Later, ESL discontinued its enterprise of promoting “Smartclass” by way of ESPL and determined to immediately promote to varsities, the officers had mentioned.
The banks restructured ESPL’s debt, closing its time period mortgage accounts and transferring liabilities to ESL, that they had mentioned.
Recent time period loans had been disbursed to ESL by the banks, with future receivables of ESPL additionally transferred to it, that they had mentioned.
Because of non-fulfilment of the phrases and circumstances of the loans, ESL mortgage accounts grew to become non-performing belongings (NPA) in 2016.
It has additionally been alleged that ESL and ESPL, by way of their administrators, solid the tripartite agreements with colleges and induced the banks for disbursement of time period loans by together with non-implemented, cancelled or pre-closed contracts within the checklist of executed contracts, the officers had mentioned. PTI NES DIV DIV