Mumbai: The Enforcement Directorate (ED) has provisionally attached movable and immovable properties valued at Rs 43.52 crore in connection with the alleged bank fraud case involving M/s Ushdev International Limited (UIL) and others. The attached assets include land, buildings, and fixed deposits,was made under the Prevention of Money Laundering Act (PMLA), 2002.
About The Case
The ED's action comes after an investigation was launched based on a First Information Report (FIR) filed by the Central Bureau of Investigation (CBI), Banking Security & Frauds Cell (BS & FC), Mumbai. The FIR pertains to an alleged bank fraud amounting to Rs 1,438.45 crore, with charges filed under various sections of the Indian Penal Code (IPC) and the Prevention of Corruption Act, 1988.
Details Revealed By The Investigation Conducted By ED
According to the ED's investigation, the loans granted by multiple banks to UIL were diverted to various entities under the pretext of advances and unsecured loans. The investigation revealed that the funds, after layering through multiple bank accounts, the said funds were ultimately transferred to India based companies wherein the overseas subsidiaries of M/s UIL are major shareholders. These subsidiaries were controlled and managed by Directors and major shareholders of M/s UIL.
The probe also uncovered that a large portion of the credit facilities availed by UIL from several banks was allegedly siphoned off to overseas entities incorporated by the company's promoters and directors.
