Bank loan fraud: ED attaches over Rs 66 cr worth assets

Bank loan fraud: ED attaches over Rs 66 cr worth assets

Assets worth more than Rs 66 crore of a Delhi-based firm have been attached by the Enforcement Directorate (ED) as part of a money laundering probe against it related to alleged bank loan fraud, the central agency said on Thursday.

The attached properties belong to the promoters of Surya Vinayak Industries that deals in agro commodities, and they include 14 residential plots, a farm house, about 22 acres of land, four fixed deposits and preference and equity shares of some companies.

The ED case is based on a Central Bureau of Investigation (CBI) FIR, which alleged that the promoters of the company defrauded, cheated and caused wrongful losses to public sector banks to the tune of Rs 2,206 crore.

The two agencies also booked the directors of the company, Sanjay Jain, Rajiv Jain and others.

The ED, in a statement, said the accused had "fraudulently" availed loans to the tune of Rs 2,240 crore from various banks on the basis of "forged records, forged books of accounts, issuance of bogus purchase invoices, accommodation entries, among others".

"The accused diverted the loan through bank accounts of various companies and entities controlled by them to an entity named Falcon Jersey Pvt Ltd that finally utilised and parked these funds in the form of immovable and movable properties at various places such as Gurgaon, Faridabad, Delhi, Sonipat, Bhiwandi, Noida and Kolkata.

"Acquiring of the assets by the accused was done by rotating bank loans through a maze of transactions to conceal the source," the ED claimed.

The total value of the properties attached as per a provisional order issued under the Prevention of Money Laundering Act (PMLA) is Rs 66.49 crore, the agency said.