Madhya Pradesh CM Kamal Nath’s Nephew Ratul Puri Arrested By Enforcement Directorate In Rs 354 Crore Loan Fraud CaseRatul Puri (Pic via Twitter)

Businessman Ratul Puri was arrested by the Enforcement Directorate (ED) under provisions of the Prevention of Money Laundering Act (PMLA) late last night (19 August), Times of India has reported.

Puri was the former executive director of Moser Baer and the nephew of Madhya Pradesh (MP) Chief Minister (CM) Kamal Nath. While he had resigned from the post in 2012, the parents continued to be on the board.

A case had been filed by the Central Bureau of Investigation (CBI) against him, his father and Managing Director Deepak Puri and mother Nita Puri (Kamal Nath’s sister) among others for defrauding the Central Bank of India.

Puri is already under investigation in the AugustaWestland VVIP choppers case. A non-bailable warrant had earlier been issued against Puri in the case after he had reportedly slipped out of the ED’s office in New Delhi on 26 July.

The company had been taking up loans from several banks since 2009 and had gone for debt restructuring several times, he bank has alleged in its complaint.

An Appeal...

Dear Reader,

As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.

Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.

We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.

Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.

Become A Patron
Become A Subscriber
Advertisement