<p>The Enforcement Directorate has arrested Madhya Pradesh Chief Minister Kamal Nath's businessman-nephew Ratul Puri in connection with a money laundering case arising out of a Rs 354.51 crore bank loan fraud case.</p>.<p>In further trouble, Delhi High Court rejected his plea for anticipatory bail in connection with with the investigations into multi-crore AgustaWestland deal in which he was questioned earlier.</p>.<p>Puri was placed under arrest by the ED under the Prevention of Money Laundering Act (PMLA) Monday night after he appeared before the agency here in the loan fraud case.</p>.<p>Kamal Nath described the arrest as an "action with malicious intention" while the BJP said it was based on its investigation. “I have no connection with Puri's business. But, I think the arrest appears to be an action take with malicious intention. It is sad that all the agencies are being misused for political purpose," he told reporters.</p>.<p>The ED filed the case on the basis of the CBI FIR filed last Saturday in connection with the multi-crore loan fraud allegedly involving optical disc maker Moser Baer, where he was Executive Director till 2012. His father and Moser Baer Managing Director Deepak Puri, his mother and whole-time Director Nita Puri and Directors Sanjay Jain and Vineet Sharma are also named by the CBI in the case.</p>.<p>According to the CBI FIR, 14 banks have given crores of rupees as loan to the company and went for debt restructuring a number of times. The CBI has invoked charges of criminal conspiracy, cheating and forgery as well as relevant sections of the Prevention of Corruption Act.</p>.<p>The Central Bank has identified that the company has defrauded it of Rs 354.51 crore. A forensic audit was done later and the account was declared as "fraud" by the Central Bank of India on 20 April, 2019.</p>.<p>“The funds granted by the banks have been misused and misappropriated by Moser Baer and its Directors/promoters for their own personal use...have also committed fraud in respect of reporting book debts, which were also one of the primary securities of the bank...Moser Baer, through its Directors/promoters, has forged and fabricated documents and induced Central Bank of India to release funds," the CBI FIR had said.</p>.<p>In the High Court, Ratul Puri's lawyer Abhishek Singhvi said his client was cooperating with the agency and there was no need for custodial interrogation.</p>.<p>However, ED's lawyer Additional Solicitor General Aman Lekhi opposed the plea saying he was evasive in his replies and his answers were ex-facie misleading.</p>
<p>The Enforcement Directorate has arrested Madhya Pradesh Chief Minister Kamal Nath's businessman-nephew Ratul Puri in connection with a money laundering case arising out of a Rs 354.51 crore bank loan fraud case.</p>.<p>In further trouble, Delhi High Court rejected his plea for anticipatory bail in connection with with the investigations into multi-crore AgustaWestland deal in which he was questioned earlier.</p>.<p>Puri was placed under arrest by the ED under the Prevention of Money Laundering Act (PMLA) Monday night after he appeared before the agency here in the loan fraud case.</p>.<p>Kamal Nath described the arrest as an "action with malicious intention" while the BJP said it was based on its investigation. “I have no connection with Puri's business. But, I think the arrest appears to be an action take with malicious intention. It is sad that all the agencies are being misused for political purpose," he told reporters.</p>.<p>The ED filed the case on the basis of the CBI FIR filed last Saturday in connection with the multi-crore loan fraud allegedly involving optical disc maker Moser Baer, where he was Executive Director till 2012. His father and Moser Baer Managing Director Deepak Puri, his mother and whole-time Director Nita Puri and Directors Sanjay Jain and Vineet Sharma are also named by the CBI in the case.</p>.<p>According to the CBI FIR, 14 banks have given crores of rupees as loan to the company and went for debt restructuring a number of times. The CBI has invoked charges of criminal conspiracy, cheating and forgery as well as relevant sections of the Prevention of Corruption Act.</p>.<p>The Central Bank has identified that the company has defrauded it of Rs 354.51 crore. A forensic audit was done later and the account was declared as "fraud" by the Central Bank of India on 20 April, 2019.</p>.<p>“The funds granted by the banks have been misused and misappropriated by Moser Baer and its Directors/promoters for their own personal use...have also committed fraud in respect of reporting book debts, which were also one of the primary securities of the bank...Moser Baer, through its Directors/promoters, has forged and fabricated documents and induced Central Bank of India to release funds," the CBI FIR had said.</p>.<p>In the High Court, Ratul Puri's lawyer Abhishek Singhvi said his client was cooperating with the agency and there was no need for custodial interrogation.</p>.<p>However, ED's lawyer Additional Solicitor General Aman Lekhi opposed the plea saying he was evasive in his replies and his answers were ex-facie misleading.</p>
