The Enforcement Directorate (ED) on Monday hooked up belongings of Rs 204.27 crores. (Representational)
New Delhi:
The Enforcement Directorate (ED) on Monday hooked up belongings of Rs 204.27 crores that was held by the Ardor Group of Companies.
The company hooked up the cash below the Prevention of Money Laundering Act, 2002 (PMLA) in a case associated to financial institution fraud.
In a press release, the ED mentioned that it has hooked up belongings totalling to Rs 204.27 crores held by Ardor Group of Companies below PMLA, 2002 in a financial institution fraud case.
“The attached properties include the commercial office of the company at SG Highway, Thaltej, Ahmedabad; residential plot at Satellite, Ahmedabad; 5 residential plots at Ambali, Ahmedabad; 17 residential plots at Gokul Dham, Ahmedabad; 4 shops at Bodakdev, Ahmedabad; office premises at Ellisbridge, Ahmedabad and Ashram Road, Ahmedabad and non-agricultural land at Surat,” it mentioned.
Pointing out that it initiated the probe on the premise of six FIR filed by CBI, ACB and FC, the company mentioned, “ED initiated the investigation under PMLA on the basis of 6 FIRs registered by CBI, ACB, Gandhinagar and an FIR by CBI, BS&FC, Mumbai under sections 120 B r/w 420 of IPC and 13 (2) r/w 13(1) (d) of PC Act, 1988, wherein it has been alleged that Ardor Group of Companies and its Directors in connivance with unknown Bank officials have cheated and caused wrongful loss to the consortium of banks amounting to Rs 488 crores (approx).”
The investigation performed by ED mentioned that Bharat Shah, Fenil Shah and Geetaben Shah administrators of Ardor International Ltd, Ardor Global Pvt. Ltd. and Chem Edge International Pvt. Ltd. indulged in round routing of the funds acquired out of credit score restrict sanctioned by the consortium of banks.
The three officers inflated the financials of their corporations for rising the credit score services from the consortium of banks lead by Bank of India, the assertion added.