New Delhi, May 2 (PTI) The Enforcement Directorate on Tuesday said it has attached assets worth more than Rs 12 crore of a Pune-based business group in a money laundering probe against it linked to an alleged bank loan fraud of over Rs 300 crore.
A dozen immovable properties located in Pune, Nagpur, Ratnagiri in Maharashtra and Goa have been provisionally attached under the Prevention of Money Laundering Act (PMLA).
“A criminal conspiracy was hatched by Late S P Sawaikar, promoter of the Varron with bank officials to fraudulently discount 246 forged bills backed by Letters of Credit (LC) of about Rs 300 crore opened by Canara Bank, Deccan Gymkhana Branch, Pune on behalf of Varron Aluminium Pvt. Ltd.
“However, there was no real movement of the goods and the amounts were diverted to pay off older loans and the LCs got devolved later on causing loss to the Bank of India,” the federal agency said in a statement.
The company deals in manufacturing of aluminium alloy and steel forging.
The agency alleged the earlier loan accounts were not serviced regularly and the loan proceeds were “diverted” for other than the stated purposes and amounts were utilised to create landed assets in the name of the promoters and also to create benami assets.
With the latest attachment of assets worth a total Rs 12.80 crore, the total value of freezing of properties in the case stands at Rs 179.27 crore, the ED said.
The agency has filed a chargesheet in this case before a Mumbai court in February and its PMLA case stems from at least three FIRs filed by the CBI against the accused company and its deceased promoter. PTI NES CK
This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.