The Enforcement Directorate (ED) has provisionally attached immovable assets worth Rs 16 crore in Rajkot, Gujarat under the Prevention of Money Laundering Act (PMLA), in connection with a case against Mandeep Industries, Rajkot, a partnership concern.
The ED had initiated a money laundering investigation on the basis of the FIR registered by the Central Bureau of Investigation (CBI) Mumbai against Mandeep Industries, Rajkot, a partnership concern of Ashish B. Talaviya, Kishorbhai Haribhai Vaishnani, Ramjibhai H. Gajera, Kalpesh P. Talaviya, and Bhavesh Talaviya.
These assets include immovable properties in the form of plants and machinery, factory land and buildings, and residential flats and plots worth Rs 16 crore located in Rajkot, Gujarat, officials said.
"During the course of investigations under PMLA, it was revealed that M/s Mandeep Industries has defaulted in repaying the loans to Union Bank of India in a fraudulent manner, which caused an undue loss to the tune of Rs 44.64 crore to the bank. Accordingly, the ED conducted an investigation which revealed that the said company was availing various loan facilities from the Union Bank of India and diverting the funds to various fictitious entities, and also to the personal accounts of the partners of the firm. Part of the diverted funds was also used for purchase of immovable properties," the agency claimed in a statement.
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