INVC NEWS
New Delhi : The Enforcement Directorate (ED) has apprehended two directors of a Delhi-based rice company, Amira Pure Foods Pvt. Ltd. (APFPL), in connection with a significant ₹1200 crore bank loan fraud case. This development is a crucial step in the ongoing investigation into a massive financial scam that has shaken the banking industry in India. The arrests, made under the Prevention of Money Laundering Act (PMLA), have intensified scrutiny on the alleged fraudulent activities within the company.
Details of the Arrests
On October 8, ED officials took into custody Aparna Puri and Rahul Sood, who held key managerial positions at Amira Pure Foods Pvt. Ltd. These arrests are linked to a CBI investigation that began in 2020, following an FIR filed against several company officials. The arrest order was sanctioned by a special court in Delhi, which, after careful consideration, extended the custody of the accused till October 11. This step ensures that the investigation will proceed with maximum efficiency, allowing the ED to thoroughly interrogate the suspects and gather crucial evidence.
The Core Allegations and Charges
The central charge revolves around fraudulent bank loans worth over ₹1200 crore, which were allegedly taken by APFPL under false pretenses. The ED claims that the company’s senior executives conspired to defraud a consortium of banks by securing loans through deceitful means. The loans were purportedly siphoned off to fake accounts and shell companies, resulting in a significant loss to the banks involved.
The CBI FIR, which serves as the foundation for the ED’s action under the PMLA, lists various charges, including cheating, embezzlement, breach of trust, and financial misrepresentation. The main accused in the case, according to the ED’s findings, include Karan A. Chanana, Radhika Chanana, Anita Ding, along with Aparna Puri and Rahul Sood. Among the more troubling revelations is that the prime accused, including Karan Chanana, who heads the global rice brand Amira, are believed to have fled the country, complicating the investigation further.
The International Reach of the Fraud
Karan A. Chanana’s Amira brand, which operates in several international markets, including the United States, the United Kingdom, the UAE, Germany, and Mauritius, has come under severe scrutiny. It is suspected that a significant portion of the fraudulent funds was channeled to international accounts, making the case not just a domestic banking scam but an international money laundering conspiracy.
The ED’s allegations highlight a deliberate attempt by the company’s leadership to exploit loopholes in the banking system. By transferring loan amounts to fraudulent entities, they managed to mask their activities for an extended period before investigators unraveled the scheme. The fraudulent transactions reportedly occurred through several shell companies, making it difficult for auditors and banks to trace the flow of money initially.
Main Accused on the Run
While Aparna Puri and Rahul Sood are currently in ED custody, the primary accused—Karan, Anita, Radhika, and Rajesh—have absconded. These individuals, believed to be key players in orchestrating the fraud, are suspected of leaving India to evade prosecution. Their current whereabouts remain unknown, although international agencies may soon be involved to track and extradite them for trial in India.
The escape of the main accused presents a serious challenge for the Enforcement Directorate, which now seeks to uncover the depth of the conspiracy and its international links. Reports indicate that the ED may soon invoke Interpol to issue Red Corner Notices for the fugitives, especially Karan A. Chanana, who was the driving force behind Amira’s global expansion.
