The Bad PlaceTimes of India | ED files PMLA plaint against firm, its director for defrauding bank
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The Enforcement Directorate (ED) has lodged a prosecution complaint in a special PMLA court against Ottis Associates Private Limited and its director, Suresh Kumar Kashliwal, for allegedly defrauding a private bank by obtaining a ₹3 crore cash‑credit facility in 2009 through forged documents and the mortgaging of properties that had already been sold. The ED alleges that signatures of guarantors were falsified, the death of a guarantor was concealed, and inflated balance sheets were submitted, after which the loan proceeds were routed through about 36 vendor payments to mask the illicit funds. The loan was classified as a non‑performing asset in 2013, declared fraudulent in 2019, and the bank reported a total loss of ₹8.62 crore, including interest; although the accused later repaid the principal of ₹3.10 crore, the money‑laundering offense is deemed ongoing.
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