ED attaches Rs 263 cr assets of Deccan Chronicle group

The Enforcement Directorate(ED) has attached Rs 263 crore worth assets of Ms Deccan Chronicle Holdings Limited in connection with a bank fraud money laundering case.

Officials of the ED said on Tuesday that the provisional order for attaching assets totalling Rs 263.10 crore has been issued by the agency against the company and others under the provisions of the Prevention of Money Laundering Act (PMLA). The ED had booked a case against the company and others based on a CBI FIR.

The case pertains to the alleged default of Rs 357 crore loan from Canara Bank by the firm and others.

The attachment of assets under PMLA is aimed at depriving the accused of taking benefits of their ill-gotten wealth and such an order gets confirmed after a directive is passed by the Adjudicating Authority of the said Act within 180 days.