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New Delhi:
The Enforcement Directorate (ED) has provisionally connected property price Rs 11.85 crore beneath the Prevention of Money Laundering Act, 2002 (PMLA) in reference to an alleged financial institution fraud case.
The movable properties of the primary promoters within the case of M/s Surya Vinayak Industries Ltd have been connected by the company.
“The attached assets consist of STDRs, TDRs, Current Accounts, Saving accounts balances of M/s Surya Vinayak Industries Ltd, Sanjay Jain, Rajiv Jain, Neena Jain, M/s Surya Vinayak Hospitalities Ltd, M/s Florina Airlines Ltd and also shares of Limited Companies of Abhinav Shukla and Sudhir Shukla,” in response to the ED.
The company had initiated investigations beneath PMLA beneath the idea of a case and cost sheet filed by the CBI beneath related sections of the IPC, together with different related legal guidelines for “fraud, cheating and causing wrongful loss to public sector banks to the tune of Rs 2066 Cores out of the availed loan of Rs 2240 crores against Sanjay Jain, Rajiv Jain, M/s Surya Vinayak Industries ltd and others.”
The investigations revealed that the accused, Sanjay Jain and Rajiv Jain who have been administrators of Surya Vinayak Industries Ltd, had fraudulently availed loans to the tune of Rs 2,240 crore from varied banks on the idea of solid data, solid books of accounts, issuance of bogus buy invoices, lodging entries, amongst others.
They had then diverted the mortgage quantities by financial institution accounts of assorted firms and entities managed by them and in addition to their private accounts. They used the funds to accumulate movable property and had rotated the financial institution loans in transactions to hide the supply.
“So far, five provisional property attachment orders have been issued for attachment of properties totaling to Rs 179 crore (approximately),” the ED stated.
An extra prosecution criticism was filed in 2017 beneath part 45 of PMLA towards 4 accused — Surya Vinayak Industries Limited, Sanjay Jain, Rajiv Jain, SVIL Mines Ltd, Katni — and a supplementary prosecution criticism has additionally been filed in 2018 towards 32 accused.
Further investigation is underway.
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