Bank loan fraud: ED attaches Rs 42-cr assets of Kolkata company

Assets worth more than 42 crore rupees of a Kolkata-based company have been seized in connection with a money laundering investigation linked to a suspected bank fraud case, the Bank’s Directorate announced on Monday. Law Enforcement (ED). A temporary seizure order for 11 properties of Shree Mahalaxmi Corporation Pvt Ltd has been issued under the Prevention of Money Laundering Act (PMLA).

The total asset value, according to the ED, is Rs 42.36 crore.

The agency said its investigation revealed that the loan amount of Rs 164 crore taken from the SBI had been “diverted after rotating between bank accounts operated by various entities and qualifying them as genuine business transactions”. .

“It was found that various Letters of Credit (LC) were opened in the name of certain companies against the credit facilities and these were discounted on the basis of fake invoices, challans etc.”, a- he alleged in a statement.

Proceeds from the LC, the ED said, were later laundered and diverted.

The money laundering case is based on a 2017 FIR and a CBI indictment (filed in 2019) against the company, its directors and a few others “for defrauding the State Bank of India (SBI) up to Rs 164 crore by availing loan on the basis of false/falsified documents and using said loan amount for purposes other than those for which it was sanctioned”.

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