New Delhi : Ratul Puri, nephew of Madhya Pradesh Chief Minister Kamal Nath, was arrested this morning by the Enforcement Directorate for an alleged Rs 354 crore bank fraud, after multiple attempts by him to avoid being caught.
A former senior executive of the now-defunct electronics firm Moser Baer, Ratul Puri has been charged by the CBI on a complaint by state-run Central Bank of India, which alleged that the company had taken loans from various banks since 2009 and misused the money. Mr. Puri and four former directors are accused of forging bank documents for a Rs 354 crore swindle.
Madhya Pradesh Chief Minister Kamal Nath’s nephew arrested in bank fraud case
Those charged include the company Moser Baer, its managing director Deepak Puri, and directors Nita Puri, Sanjay Jain and Vineet Sharma.
Moser Baer was involved in the manufacture of digital data storage media like compact discs, DVDs, solid state storage devices. The company shut down last year.
Kamal Nath’s nephew arrested by ED in alleged bank fraud case
In a statement, Moser Baer called the arrest unfortunate. “Moser Baer had operated in accordance with all legal compliance and this case now, when Moser Baer is in National Company Law tribunal (NCLT), is motivated,” it said.