ED attaches Rs 34-cr assets of Guj company
New Delhi: Assets worth over Rs 34 crore of a Gujarat-based firm have been attached under the anti-money laundering law in connection with an alleged bank fraud case, the Enforcement Directorate said on Saturday.
The Enforcement Directorate probe pertains to Biotor Industries Limited and its managing director,
Rajesh M Kapadia, and others, which is also being investigated by the Gujarat police and the Central Bureau of Investigation.
Probe revealed that the accused had "misappropriated" funds to the tune of about Rs 250 crore by preparing bogus bills and invoices during 2007-2009, the ED said in a statement.
"Arif Ismailbhai Memon, owner of KGN Group of companies, was instrumental in preparing the circular paper transactions for
transferring proceeds of crime in connivance with
Rajesh Kapadia and others," it said.
By adopting fraudulent methods, Memon parked the proceeds of crime of about Rs 62 crore in the accounts of the KGN Group companies, it alleged.