Bank loan fraud ED attaches Rs 42-cr assets of Kolkata company
New Delhi Nov 22 PTI Assets worth more than Rs 42 crore of a Kolkata-based company have been attached in connection with a money laundering probe linked to an alleged bank fraud case the Enforcement Directorate ED said on Monday A provisional order for attaching 11 properties of Shree Mahalaxmi Corporation Pvt Ltd has been issued under the Prevention of Money Laundering Act PMLA The total value of the assets as per the ED is Rs 4236 crore The agency said its probe found that the loan amount of Rs 164 crore taken from the SBI was diverted after rotating among the bank accounts maintained by various entities and colouring them as genuine business transactions It was found that various Letters of Credit LCs were opened in the name of certain companies against the credit facilities and the same were discounted on the basis of forged invoices challans etc it alleged in a statement The LC proceeds the ED said were later laundered and siphoned off The money laundering case is based on a 2017 FIR and a chargesheet filed in 2019 of the CBI against the company its directors and some others for defrauding the State Bank of India SBI to the extent of Rs 164 crore by availing loan on the basis of falseforged documents and utilising the said loan amount for purpose other than for which it was sanctioned PTI NES AAR
New Delhi Nov 22 PTI Assets worth more than Rs 42 crore of a Kolkata-based company have been attached in connection with a money laundering probe linked to an alleged bank fraud case the Enforcement Directorate ED said on Monday A provisional order for attaching 11 properties of Shree Mahalaxmi Corporation Pvt Ltd has been issued under the Prevention of Money Laundering Act PMLA The total value of the assets as per the ED is Rs 4236 crore The agency said its probe found that the loan amount of Rs 164 crore taken from the SBI was diverted after rotating among the bank accounts maintained by various entities and colouring them as genuine business transactions It was found that various Letters of Credit LCs were opened in the name of certain companies against the credit facilities and the same were discounted on the basis of forged invoices challans etc it alleged in a statement The LC proceeds the ED said were later laundered and siphoned off The money laundering case is based on a 2017 FIR and a chargesheet filed in 2019 of the CBI against the company its directors and some others for defrauding the State Bank of India SBI to the extent of Rs 164 crore by availing loan on the basis of falseforged documents and utilising the said loan amount for purpose other than for which it was sanctioned PTI NES AAR
