” The Enforcement Directorate has temporarily attached assets worth Rs 5,115 crore from major companies under investigation for loan fraud and money laundering. This action follows complaints from IDBI Bank and Bank of Maharashtra “
INVC NEWS
New Delhi : ED has temporarily attached movable and immovable assets worth Rs 5,115.31 crore of several companies. This action has been taken under the Prevention of Money Laundering Act, 2002. The companies whose assets have been temporarily attached include Amtek Auto Limited, ARG Limited, ACIL Limited, Metallist Forging Limited and Castex Technologies Limited, among others.
ED had started the investigation on the basis of CBI’s FIR. Actually, several complaints were received from IDBI Bank and Bank of Maharashtra. In those complaints, it was alleged that the loan of crores of rupees received from the banks was wrongly routed, that is, the loan was taken on the basis of fake documents and the money was used somewhere else other than the purpose for which the loan was taken.
