ED attaches assets worth `50 cr in two bank fraud cases
The Enforcement Directorate on Thursday attached pricey hotels, luxury cars like Audi and Jaguar, bungalows and other assets worth over Rs 50 crore over its probe in two separate money laundering cases of alleged defrauding of banks.
In the first instance, the central probe agency issued orders for the provisional attachment of a hotel each in Surat and Bharuch, offices in Surat, Navi Mumbai, Pune and Bharuch, flats in Udaipur, Dadra and Nagar Haveli, Surat and Thane, expensive cars like Audi Q7 and A4, Jaguar and BMW and bank balances to the tune of Rs 2.77 crore in the name of Ms Siddhi Vinayak Logistic Limited (SVLL).
The company is "promoted" by Surat-based businessman Rupchand Baid, arrested by the ED in April this year under the Prevention of Money Laundering Act (PMLA), for his alleged role in "aiding and laundering of tainted money in the Bank of Maharashtra loan fraud case" to the tune of Rs 836.29 crore.
"The investigation revealed that the loan amount of Rs 836.29 crore was disbursed for the purchase of vehicles to various companies on the directions of Baid to the bank authorities for a scheme called 'Chalak se Malik' (driver to owner) for drivers by Baid.
The total worth of the attached assets in this case is Rs 19.62 crore, the agency said in a statement.