NEW DELHI: Two directors of a private company were today sent to ED custody for three days in a money-laundering case related to alleged cheating of a large number of banks to the tune of Rs 2,240 crore.
The directors of the Surya Vinayak Industries Limited, Sanjay Jain and Rajiv Jain, were today arrested by Enforcement Directorate and produced before Additional Sessions Judge Rakesh Pandit, who sent them to ED custody till August 25.
The accused were recently granted bail in a separate CBI case related to the matter.
Advocate Nitesh Rana, appearing for ED, told the court that both were required for custodial interrogation to unearth the money trail.
He sought their custody saying that both were not cooperating with the investigation.
It was alleged that the four accused used more than 100 shell companies for routing and diverting the bank funds. The firm and the shell companies had no genuine business transactions, the agency alleged.
The company had allegedly diverted bank funds to the tune of Rs 2,240 crore, which resulted in loss to the consortium.
Over Rs 300 crore of working capital was also allegedly moved to six companies set abroad, the agency said. (AGENCIES)
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