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Bank fraud: ED attaches assets of Rajkot company
The Enforcement Directorate on Saturday said it has attached the factory plant, machinery, land and plots of a Rajkot-based company as part of a money laundering investigation against it for alleged bank loan fraud to the tune of Rs 44 crore. Read more on Dynamite News:
New Delhi: The Enforcement Directorate on Saturday said it has attached the factory plant, machinery, land and plots of a Rajkot-based company as part of a money laundering investigation against it for alleged bank loan fraud to the tune of Rs 44 crore.
The provisionally attached assets of the company called Mandeep Industries are worth Rs 16 crore, the agency said in a statement. The attachment order has been issued under sections of the Prevention of Money Laundering Act (PMLA).
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The money laundering case stems from a CBI FIR against the company and the complaint alleged it "defaulted in repaying loans to the Union Bank of India causing an undue loss to the tune of Rs 44.64 crore to the bank."
The company was availing loan facilities from Union Bank of India and "diverted" the funds to various fictitious entities, and also to the personal accounts of the partners of the firm, it said. "Part of the diverted funds was also used for purchase of immovable properties," the ED alleged.
Mandeep Industries was a partnership concern of Ashish B. Talaviya, Kishorbhai Haribhai Vaishnani, Ramjibhai H. Gajera, Kalpesh P. Talaviya and Bhavesh Talaviya, it said. (PTI)