Dairy Livestock

ED raided Pure Milk Products for cheating ₹62.13cr & seized ₹1.15cr

ED raided Pure Milk Products for cheating ₹62.13cr & seized ₹1.15cr

ED raided Pure Milk Products for cheating ₹62.13cr & seized ₹1.15cr

On Thursday, the Enforcement Directorate (ED) went to the office of Pure Milk Products Pvt. Ltd. in Punjab and talked to the owners. They were accused of cheating a bank out of ₹62.13 crores in loaned money. During the raid, they found ₹1.15 crore in cash, mobile phones, and property documents.

In a statement, the ED said that searches were done at 11 business and residential locations of Pure Milk Products Pvt. Ltd. (PMPPL), its directors Charanjit Singh Bajaj, Livtar Bajaj, and Gurdeep Kaur, as well as their affiliated companies and the locations of their associates.

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Loan Laundering

The agency started its investigation after the Central Bureau of Investigation (CBI) filed a First Information Report (FIR). The agency thinks that the accused may have used the bank loan to make money. In the FIR, the CBI said that the company ‘committed the crimes of forgery, cheating, submitting fake documents as real, and other crimes.’ The bank had given PMPPL credit in the amount of ₹62.13 crores. ‘As of October 31, 2019, the total amount of non-performing assets was ₹60.74 crore,’ the CBI had said. ‘The loan that was taken out based on an inflated turnover was taken by the entities,’ it said.

Under the provisions of the Prevention of Money Laundering Act (PMLA), property papers, cell phones, and about ₹1.15 crore in cash were taken from the places that were searched.

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The company was started in 1989 in the city of Ludhiana in the state of Punjab. It sells its products under the brand name ‘Malwa’ and makes between ₹50 crore and ₹100 crore a year.

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