The Enforcement Directorate (ED) is investigating a Rs 150-crore money laundering case against a city-based company, Associate High Pressure Technologies Pvt Ltd, that has allegedly diverted bank loans to a company linked to NCP leader Nawab Malik’s son Faraz Malik.
The agency on Monday searched five premises in Mumbai and Gujarat linked to the promoters of Associate High Pressure for defaulting on loan repayment to the Union Bank of India.
The ED has alleged that of the Rs 150 crore, Associate High Pressure has diverted about Rs 10 crore to Touchwood Real Estate Pvt Ltd, a company in which Faraz has a 20 per cent stake. The central agency has so far not searched the premises of Touchwood Real Estate or its directors.
The ED case is based on a CBI FIR dated June 9 following a complaint from the bank against Associate High Pressure. The bank said the company’s directors “hatched” a plan to allegedly cheat the bank of over Rs 130 crore.
Last week, Malik had claimed that former chief minister Devendra Fadnavis was pressuring central agencies to target him in a probe. The NCP leader has taken to Twitter since October 14 raising allegations against the NCB’s Zonal Director Sameer Wankhede following the arrest of actor Shah Rukh Khan’s son Aryan Khan.
[“source=indianexpress”]
