Wednesday 20 November 2019
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business-standard - 11 days ago

Bank fraud: ED attaches over Rs 56-cr assets of Ahmedabad company

An Ahmedabad-based company s assets worth over Rs 56 crore have been attached in connection with a bank fraud and money laundering case, the Enforcement Directorate (ED) said on Saturday. The agency issued a provisional order for attachment of 37 immovable properties of Sai Infosystems I (SIS) Ltd and others under the Prevention of Money Laundering Act (PMLA). The attached assets include plots and a farm house, various commercial and residential properties in Gujarat and adjoining areas owned by SIS, Atrium Infocomm Pvt Ltd and Sujyot Infrastructure Pvt Ltd (group companies of SIS) and others, the ED said in a statement. The total value of the freezed assets is Rs 56.21 crore. Investigation revealed that SIS and its CMD Surendra Kumar Kakkad availed credit facilities and loans from a consortium of banks led by the State Bank of India on the basis of false and fabricated documents, the agency alleged. SIS diverted the said loan proceeds for purposes other than specified in the loan .


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