New Delhi, Dec 15 (IANS): The Enforcement Directorate (ED) has filed a chargesheet against Hirak Biotech Ltd and its directors, Pratik R. Shah and Niketa Baldevbhai Dave, in a loan default case, officials said.

The ED filed the chargesheet under the Prevention of Money Laundering Act (PMLA) in a Ahmedabad court.

The agency said that Platinum Corporation Ltd, Hirak Biotech Ltd and its directors were involved in the siphoning of bank loan availed from Ahmedabad Peoples Cooperative Bank Ltd (APCBL).

On December 8, the ED had attached 16 plots located in Ahmedabad worth Rs 10.07 crore, which were held in the name of Hirak Biotech Ltd.

The ED registered a case on the basis of a chargesheet filed by the CID Crime. The chargesheet disclosed that Shah, in conspiracy with the other accused, had fraudulently availed loan/overdraft facility against FDs from the bank and also increased overdraft limit without any resolution and withdrew beyond the overdraft limit without any security.

In this manner, the accused defaulted the loan sanctioned by APCBL, thereby causing a loss of Rs 25.25 crore to the bank.

During the ED probe, it was revealed that accused Shah and Dave, both directors of Hirak Biotech Ltd, tried to transfer/dispose of 16 plots held in the name of the company.

Dave was arrested on October 13 this year and is currently in judicial custody.

The ED has prayed the court for confiscation of the attached assets to the tune of Rs 10.07 crore apart from awarding punishment to the accused persons.