Ashish and a few State Bank of India and Bank of Baroda officials are being investigated by the ED on the basis of two FIRs and charge sheets filed by the Central Bureau of Investigation (CBI), Bank Securities and Fraud Cell, Mumbai.
The initial probe has revealed that out of the a‚¬ËoeProceeds of Crime', the accused has siphoned off Rs 79.50 crore to China and Hongkong in the guise of advance foreign remittances for import of goods and foreign agency commission. Whereas against these advances, they have not imported even a single consignment of goods and their claim of agency commission is proved false in the absence of genuine exports.
Further, Ashish was sending foreign remittances to a company named TIS (UK) Impex International Co. Ltd. at its China address which was found to be non-existent. The immovable properties worth Rs 14.50 crore, including two offices one at Nariman Point in Mumbai and other at Ahmedabad's CG Road have been attached under PMLA.