Bank Loan Fraud: ED attaches Rs 483-cr assets of Kolkata business group
The ED had taken over the case against the Kolkata based group on the basis of three CBI FIRs in this instance
New Delhi: Assets worth Rs 483 crore of a Kolkata-based group have been attached by the ED in connection with an alleged multi-crore bank loan fraud case, the agency said on Tuesday.
The agency said in a statement that it has "provisionally attached immovable properties comprising commercially diverted land of 2,70,374 sq ft along with shopping mall in Nagpur worth Rs 483 crore of KSL and Industries Ltd, Mumbai under the Prevention of Money Laundering Act (PMLA) in a bank fraud case."
"KSL and Industries Ltd is one of the group company of the Tayal group of companies," it said.
It said the group and its 4 firms including KSL and Industries had availed loans of Rs 524 crore from the Bank of India and Andhra Bank in 2008 which was allegedly defrauded by it using a "maze of shell or illegal companies."
This is the second PMLA case against the Tayal group as it was already being probed by the agency for alleged loan fraud against UCO Bank and assets worth Rs 234 crore of the business group were attached by it in 2016.
The agency has also filed a charge sheet in the UCO Bank case before a special PMLA court in Kolkata.
"The agency has been able to recover almost the entire amount of loan fraud through these attachments which will now face judicial scrutiny. The role of bank officials in the second case is under probe," a senior official said.
The ED had taken over the case against the Kolkata based group on the basis of three CBI FIRs in this instance.
"During the investigation, it was revealed that the said companies under the umbrella of Tayal group of companies, represented by promoter Praveen Kumar Tayal, were involved in large scale fraud perpetrated on several nationalised banks across the country. It came to light that funds received from banks by the said Tayal group of companies for the specific purpose were siphoned off through a maze of fictitious companies and from there to unknown destinations," the ED had earlier said.
The utilisation of funds, as claimed by the said Tayal group of companies were found to be fictitious. From the trail of funds, it is abundantly clear that the said funds were laundered through its group companies, it said.
"Nevertheless, the said Tayal group of companies despite having a large number of liabilities to banks, acquired a number of properties and also placed huge amounts in bank accounts, which are believed to represent the value of proceeds of crime," it said in 2016 while describing the modus operandi of the alleged fraud.