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    ED attaches asset worth Rs 19.22 crore in bank fraud case

    ED attaches asset worth Rs 19.22 crore in bank fraud case

    ED attaches asset worth Rs 19.22 crore in bank fraud case
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    By Timsy Jaipuria   IST (Published)

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    The Enforcement Directorate (ED) has attached movable asset amounting to Rs 19.22 crore of M/s. Era Infra Engineering Limited (EIEL) under Prevention of Money Laundering Act, 2002 (PMLA) in a bank fraud case. The attached asset is in the form of the balance lying in a bank account of EIEL maintained with Axis Bank.

    The Enforcement Directorate (ED) has attached movable assets amounting to Rs 19.22 crore of Era Infra Engineering Limited (EIEL) under the Prevention of Money Laundering Act, 2002 (PMLA) in a bank fraud case. The attached asset is in the form of the balance lying in a bank account of EIEL maintained with Axis Bank.
    ED initiated investigations under PMLA on the basis of an FIR dated April 12, 2018 of Central Bureau of Investigation (CBI) against the firm and its CMD Hem Singh Bharana along with other unknown bank officials. The offence alleged was of criminal conspiracy, cheating, forgery and use of forged documents and criminal misconduct carried out by EIEL and other accused person(s) in the matter of sanction, disbursement and utilization of two term loans of Rs 650 crores.
    Investigations under PMLA revealed that the sanctioned loan amounts were disbursed and utilized in a manner defying the sanctioned purpose. Out of Rs 450 crore disbursed by UCO Bank, an amount of Rs 211 crore and Rs 25 crore were utilized for purposes beyond the purview of the sanctioned terms. The total amount diverted by EIEL comes to Rs 236 crore out of the term loan of Rs 450 crore.
    Added to it is the amount of Rs 14.7 crore diverted from the sanctioned amount of Rs 200 crore and thus the total amount diverted by EIEL comes to Rs 250.7 crore, which qualifies as ‘Proceeds of Crime’ in this case.
    Out of the total Proceeds of crime of Rs 250.70 crore, assets valued at Rs 5.72 crore and Rs 33.71 crore were provisionally attached under PMLA earlier. Now including this attachment of Rs 19.22 crore, the total value of attached assets so far is Rs 58.65 crores.
    Further investigation is under progress.
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