Defunct 'Moser Baer' rightly caught red! ED arrests Congress leader Kamal Nath's nephew for Rs 354 cr bank fraud

Bhopal, August 20: After several attempts to avoid being caught, Ratul Puri, the nephew of Madhya Pradesh Chief Minister Kamal Nath, was put behind the bars this morning by the Enforcement Directorate for an alleged Rs 354 crore bank fraud case.

 

A former senior executive of the now defunct electronics firm Moser Baer, 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.

 

 

Having known the situation, Congress leader Kamal Nath said that he had no connection with the business his nephew was doing. “To me, it appears to be a purely mala fide action. I have full faith that courts will take corrective stand in this”, he added.

 

Meanwhile releasing the statement in relation, Moser Baer has 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 right when caught red.

 

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. Those further charged include the company Moser Baer, its managing director Deepak Puri, and directors Nita Puri, Sanjay Jain and Vineet Sharma.

 

Puri however , has been the subject of a number of separate investigations in recent months, ranging from tax fraud to the AgustaWestland chopper scam involving allegations of bribe to facilitate a Rs 3,600 crore deal for a dozen luxury helicopters for Indian VIPs in 2007, when the Congress-led UPA was in power.