ED attaches worth Rs 11.85 cr in connection with bank fraud case

New Delhi(DL): Enforcement Directorate (ED) has provisionally attached property value INR 11.85 cr within the Prevention of Amount Laundering Act, 2002 (PMLA) in connection with an claimed bank fake complaint.

The movable properties of the main promoters within the complaint of M/s Surya Vinayak Industries Ltd have been attached by this agency.

“The attached assets consist of STDRs, TDRs, Current Accounts, Saving accounts balances of M/s Surya Vinayak Industries Ltd., Sanjay Jain, Rajiv Jain, Neena Jain, M/s Surya Vinayak Hospitalities Ltd., M/s Florina Airlines Ltd. & also shares of Limited Businesses of Abhinav Shukla & Sh. Sudhir Shukla,” as per the ED.

The agency had started interrogations under PMLA within the basis of FIR & charge sheet registered by this CBI under appropriate sections of the IPC, with different appropriate laws for “fake, deceiving & causing wrongful loss to people industry banks to the tune of INR. 2066 Cores out of the availed loan of INR. 2240 crores over Sanjay Jain, Rajiv Jain, M/s Surya Vinayak Industries ltd & remaining.”

The interrogations disclosed that the charged, namely, Sanjay Jain & Rajiv Jain who have been directors of M/s Surya Vinayak Industries Ltd., had fraudulently availed loans to the tune of INR. 2,240 crores from different banks based on forged reports, forged books of accounts, issuance of bogus buy bills, accommodation entries, amongst remaining.

They’d afterwards diverted the loan amounts using bank accounts of different businesses & entities owned by them & also to their own personal accounts.

They’d afterwards utilized the funds to acquire movable assets & had rotated the bank loans in transactions to hide the source.

“Till now, 5 provisional property attachment orders were released for attachment of properties totalling to INR 179 crores (approx.),” the ED stated.

A furthermore prosecution case has been registered in 2017 under segment 45 of PMLA over four charged people namely M/s Surya Vinayak Industries Limited, Sanjay Jain, Rajiv Jain, M/s SVIL Mines Ltd, Katni, & a supplementary prosecution case has also being registered in 2018 over 32 charged.

Furthermore inquiry is in progress.