While looking for absconding billionaire jeweller Nirav Modi and his uncle Mehul Choksi in the Punjab National Bank fraud case, the Enforcement Directorate (ED) stumbled upon another fraudsters and absconder businessman Pramod Kumar Mittal, who the agencies allege defrauded government-owned State Trading Corporation of India Limited (STC) to the tune of Rs 2,112 crore.
Pramod is the younger brother of steel tycoon Lakshmi Mittal.
ED has located Mittal in London and has got his address.
The ED is now planning to expedite the case to bring him back to India. Sources in the agency said that they are waiting for the Central Bureau of Investigation (CBI) to file a chargesheet in the case so that they also can file a prosecution complaint which is equivalent to chargesheet and initiate the process of issuing Red Corner Notice against him through Interpol.
ED said that so far they have issued three summons to Pramod Mittal after the CBI registered a case against him and other officers of STC.
The agency has also attached his assets worth around Rs 244 crore last year, and issued a look out circular.
The CBI had registered a case against Mittal and 19 officers of STC for criminal conspiracy and cheating in March 2017. Subsequently, ED had registered a case under Prevention of Money Laundering Act (PMLA). Both the agencies had issued summons to Pramod, but he has not appeared before the sleuths for examination. Also, in 2013, Mittal spent a whopping Rs 500 crore on his daughter's wedding in Barcelona.
The CBI has alleged that Mittal's company 'Global Infrastructure Holdings (GIHL), registered in Isle of Man, now also known as Global Steel Holdings (GSHL) approached STC seeking assistance in terms of providing financing facility by establishing Letters of Credit for purchasing raw materials required for their newly-acquired steel plants in Philippines and Bosnia. The then Indian Ambassador to Philippines had suggested to STC that the embassy was not in a position to comment on the financial aspects and liabilities of the company and had advised to ensure thorough enquiries to protect STC's interests.
This warning was ignored by STC officials and a proposal for financing the agreement with Mittal's company was cleared.
Pramod committed breach of trust as he failed to make payment to STC as per the terms of the agreement accepted and signed by them.
Now, because of this fraud, STC is unable to pay salaries to their staff.
Scams Galore
ED said that so far three summons have been issued to Pramod Mittal after the CBI registered a case against him and other officers of STC
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