Bhopal (Madhya Pradesh): The Directorate of Enforcement (ED) has provisionally attached 10 immovable properties of Nava Bharat Group worth Rs. 2.36 crore in Satna and Sehore, the officials said here on Thursday.
The property was seized under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 in the case of M/s Nava Bharat Pvt Ltd.
The ED initiated investigation on the basis of the chargesheet filed by CBI, SPE, BS & FC, New Delhi under various sections of the Indian Penal Code, 1860 against the company.
In the investigation, it was found that the directors of the company and others had availed various credit facilities from the Bank of Maharashtra, Gautam Nagar branch, Bhopal for modernisation of their organisation and purchase of machineries during 2004.
However, the loan amount which was sanctioned for the purchase of machineries and to meet other capital expenditures was diverted through bank accounts of various companies, which were in the name of the employees of Enbee group of companies controlled by the brother of the other group.
It was found during the investigation that the family diverted the loan amount for the purpose of settling various corporate and personal liabilities and thus, mis-utilised the loan disbursed, thereby cheating the bank to the tune of Rs. 15.67 crore as the loan account turned NPA.
A total of 10 properties in the name of the family members were identified in Satna and Sehore districts and a provisional attachment order was issued. Further investigation is underway.
