Company Involved In Over 100 Infrastructure Projects Faces ₹4,957.31 Crore Money Laundering Probe

The Enforcement Directorate (ED) has accused Ajit Kulkarni of M/s Pratibha Industries Ltd (PIL) and 33 others of money laundering, totaling ₹4,957.31 crore, in relation to a bank fraud case. The Special PMLA Court accepted the prosecution complaint and issued summons to the accused. The ED alleges that the accused manipulated sale-purchase documents without actual movements of goods, and that the money was siphoned off to acquire various properties, both movable and immovable.

The prosecution has found documents of properties purchased using the proceeds of crime, which were later disposed of, with the sale consideration receipts exhausted by the accused. PIL, a partnership firm established in 1995, specialized in designing, engineering, and executing infrastructure projects for clients such as Delhi Metro Rail Corporation, Delhi Jal Board, Municipal Corporation of Greater Mumbai, PHED Rajasthan, and MCD Car Park.

The ED alleges that PIL executed over 100 projects for various government and private sectors since 2010, initially availing a bank limit of Rs 1,331.15 crore from Consortium Bank, which was later revised but never repaid. The company allegedly deviated from the primary purpose of using the sanctioned limit and used funds for other purposes, facing severe cash liquidity crises since the financial year 2013-14.

The ED has accused the accused of hatching a conspiracy to defraud Consortium Bank of an amount of Rs 4,957.31 crore, which is the proceeds of crime generated by them.