ED attaches 11 immovable properties of Kolkata based company in bank fraud case
New Delhi, 22 November (H.S): The Enforcement Directorate (ED) has attached 11 immovable properties worth Rs 42.36 crore of a Kolkata based company Shree Mahalaxmi Corporation Pvt. Ltd in a bank fraud case under the provisions of Prevention of Money Laundering Act (PMLA) 2002.
According to the ED sources, the case was registered against Mahalaxmi Corporation Pvt. Ltd, its directors and other persons, for defrauding the State Bank of India to the tune of Rs 164 crore by availing loan on the basis of false and forged documents and utilising the said loan amount for purpose other than for which it was sanctioned.
“Investigation under PMLA revealed that a loan amount of Rs 164 crore was diverted after rotating amongst the bank accounts maintained by various entities and given colour of genuine business transactions,” said the sources.
ED initiated money laundering investigation on the basis of a case registered on March 28, 2017 and chargesheet filed by CBI on December 30, 2019 under the sections of IPC, 1860 and Prevention of Corruption Act, 1988.
It was further revealed that various Letters of Credit (LCs) were opened in the name of certain companies against the credit facilities and the same were discounted on the basis of forged invoices and challans. The LC proceeds were thereafter laundered and siphoned off.
