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ED attaches Rs 77-cr property of Archon Engicon

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New Delhi [India], December 8 (ANI): The Directorate of Enforcement (ED) has provisionally attached the immovable properties amounting to Rs 77.28 crore of Archon Engicon of Chandrashekhar Balkrushna Panchal and others in a bank fraud case.

The probe agency had initiated investigations under the Prevention of Money Laundering Act, 2002, (PMLA) against Archon Engicon, of Chandrashekhar Balkrushna Panchal and others, according to a statement from the agency. Archon Engicon is a turnkey service provider for power transmission.

These were filed on the basis of two FIRs registered by Central Bureau of Investigation (CBI), Economic Offences Branch, Mumbai, against above entities and accomplices, wherein, it was alleged that Archon Engicon defaulted in repaying the loans to the State Bank of India, IDBI Bank and other consortium banks in a fraudulent manner, which caused an undue loss to the tune of Rs 265.64 crore to the banks, the probe agency stated.

Accordingly, ED conducted an investigation which revealed that the said company was availing various loan facilities from SBI and other consortium banks and diverted the funds to various entities and to the personal accounts of the directors of the company.

The agency said it has now traced and attached various properties held in the names of Archon Engicon and other related persons and seized immovable properties worth Rs 77.28 crore. Further investigation is under progress, the agency said in the statement. (ANI)

This report is auto-generated from ANI news service. ThePrint holds no responsibility for its content.

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