Mumbai: The Enforcement Directorate (ED) has attached eight immovable properties worth of Rs 6.69 crore in Mumbai, Panvel, Pune, Raigad and Ratnagiri belonging to Kunal Kishore Gandhi, partner of M/s Magnum Steels, Mumbai, and his family members under the provisions of the Prevention of Money Laundering Act (PMLA) in bank loan cheating case.
The ED had initiated investigations under the PMLA based upon an FIR registered by CBI, New Delhi, against M/s Magnum Steels and others for allegedly defrauding Bank of Baroda to the tune of Rs 95.97 crore.
Money was diverted to acquire different assets
"During the course of investigation it is revealed that Kunal Gandhi and his father Kishore Kantilal Gandhi, instead of repaying the outstanding loan diverted the money through various accounts of their associates entity to acquire the three immovable assets consisting of shop-cum-office at Andheri Mumbai, flat at Panvel and agricultural land in Ratnagiri by making payments totaling to Rs 1.45 crore (approximately) during the period from 2010 to 2015," the agency officials claimed in a statement on Friday.
"It is also revealed that the Gandhis also purchased five immovable properties in Pune by making payments totaling to Rs5.24 crore (approximately). A provisional attachment order under PMLA was issued attaching all these eight assets which were acquired by making payment totalling to Rs 6.69 crore," the agency officials said,
