Not an Interpol agent, don't have any shell firms: Chetan Shah to India Today

At Mumbai Zonal Office of the Enforcement Directorate (ED), it was a quite normal day, but for Chetan Shah, it was another grilling session. Since last week, diamond merchant and now alleged to be a fake Interpol agent, Shah has been visiting the ED office to face interrogation in a loan default case.

In an exclusive conversation with India Today outside the ED office, Shah categorically said that "he is not an Interpol agent".

Shah said, "This fake ID card which was seized by the ED officials on April 1, 2017 was created in 2008 by my friends in Bangkok. It was a theme party and every person was supposed to play some kind of role for fun. Some played a police officer and I played a secret agent of Interpol. After that party, this card was never used by me for any other activity. In fact, how this fake ID card remained in my ipad, I am still surprised."

The day ED officials found the fake ID card at Shah's premises, a criminal complaint was filed against him under section 419 of IPC. From that day, he was under the radar of all investigative agencies including Mumbai Police. Although Shah remained absconding for ten days.

Last week, with the support of his legal team, Shah presented himself before the Mumbai Police to face the arrest. He got the bail next day, but soon after the ED officials summoned him. He has till date recorded his statements thrice.

"I am feeling like a harassed person. Earlier, the I-T department alleged that I had stripped before female officers during searches in 2014, and now this fake Interpol agent issue. Everyday, news coming against me is discrediting and tarnishing me and my family's image," Shah said.

However, Mumbai Police has not given a clean cheat to Shah yet. It would be examining the fake ID card with the help of cyber team and forensic experts.

LOAN DEFAULT CASE

But Shah has no complaints against the ED officials, who have been probing a Rs 342 crore loan default case against him. Shah's loan amount turned into a non-performing asset (NPA) in 2016.

Admitting that he had taken a loan from banks, Shah said, "I accept that I had taken loans from four banks keeping my properties under mortages. But it is business and I am into import and export of diamonds. We faced huge losses and therefore, could not repay the loan amount."

Shah, however, denied having any shell companies. He added that of almost 15 companies, seven are inactive due to losses, and some of them are operating but with no profits. "None of the company is a shell company, in which me and my wife Hema Shah are/were the directors," Shah said.

Off late, the consortium of four banks, headed by Dena Bank had issued a public notice under SARFAESI Act 2002, against Decent Dia-Jewels Ltd., Chetan Shah, Hema Shah and all guarantors, with a deadline of 60 days to repay the money. If all these parties fail to meet the deadline, the banks would have all the authority to auction the collateral properties worth crores.

Shah is aware about it, but showed his helplessness due to financially instability. "I would not be able to do much, even if banks auction all my mortaged properties," Shah admitted.

At present, the ED is investigating the case to check whether the bank loan has been diverted and the proceeds of crime, if generated through the layers of active and inactive companies, are bogus. The agency is also verifying Shah's movable and immovable properties which is valued in crores.

Also read: ED interrogates fake Interpol agent being probed in Rs 342 crore loan default case

Also read: Enforcement Directorate raids over 100 locations in 16 states, uncovers 2300 shell companies