BHOPAL (Madhya Pradesh): Directorate of Enforcement (ED), Bhopal has provisionally attached immovable properties worth Rs. 26.53 Crore under the provisions of Prevention of Money Laundering Act (PMLA), 2002 in the case of M/s Narayan Niryat India Pvt Ltd and others said the officials on Friday.
Total 34 properties in the name of group companies were identified in the district of Indore, Ratlam and Mandsaur in Madhya Pradesh and Akola in Maharashtra, these properties amounting to Rs. 26.53 Crore has been attached.
ED investigation revealed that during the period of 2011 to 2013 the company and its directors Kailash Chandra Garg and others have availed Credit facility totaling to approx Rs. 110.50 Crores in form of Letter of Credit (LC) and Export Packing Credit (EPC) from consortium of banks namely UCO bank (lead bank), Corporation Bank (merged with Union bank of India) and Punjab National Bank.
In the investigations it is revealed that the company didn’t utilize the fund for the purpose for which it was sanctioned and submitted fraudulent documents for availing the loan from consortium of banks.
The company defrauded the said banks and diverted the amounts to various associates/sister concern companies namely without transacting any goods.
ED investigation revealed that the diverted loan amount was used for the purchase of immovable properties in Madhya Pradesh and Maharashtra in the name of the group companies.
