ED files prosecution complaint against Pure Milk Products Private Limited

The Directorate of Enforcement (ED) has filed a prosecution complaint against Ludhiana-based Charanjit Singh Bajaj and four others associated with Pure Milk Products Private Limited for alleged bank fraud worth Rs 62.13 crore. The complaint, filed before a special ED court in Mohali, claims violations of the Prevention of Money Laundering Act. The special court took cognisance of the complaint on October 30.

ED had initiated investigation on the basis of an FIR registered by the Central Bureau of Investigation (CBI) under various sections of the IPC and Prevention of Corruption Act. The ED investigation had revealed that the company failed to utilise loan for their intended purpose, and Bajaj as its MD, diverted the proceeds of crime through various shell entities.

Further the proceeds to the tune of Rs 37.82 crore were diverted to various related entities using fraudulent methods. ED had in December 2022 conducted searches at 11 different premises which led to the recovery of cash of Rs 1.14 crore and gold. It had also attached immovable properties worth Rs 24.94 crore, including the milk plant in Alamgir village of Ludhiana.