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Enforcement Directorate arrests director of Gujarat firm

The Enforcement Directorate (ED) has arrested NiketaBaldevbhai Dave, Director of Pentium Infotech Ltd.

Enforcement Directorate

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  16 Oct 2020 6:08 AM GMT


The Enforcement Directorate (ED) has arrested NiketaBaldevbhai Dave, Director of Pentium Infotech Ltd. and Hirak Biotech Ltd. in connection with Ahmedabad's People's Cooperative Bank Ltd. money laundering case. The ED said that Dave was arrested under the sections of the Prevention of Money Laundering Act (PMLA) in a case relating to fraud in the cooperative bank. A local court sent her to four-days ED custody. The ED filed a case on the basis of a case registered by the CID-Crime in Gandhinagar in May 2009. The Gujarat Police in its FIR alleged that Dave, Pratik R. Shah (also a director) and others committed fraud of Rs 25.25 crore with the APCBL. "During investigation it was revealed that Shah and Dave being the Directors of Pentium Infotech Ltd. and Hirak Biotech Ltd. opened FDOD (overdraft accounts against fixed deposits) loan accounts in APCBL and these companies defaulted on payment causing loss of Rs 25.25 crore to the bank. (IANS)

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