ED seizes assets in Rs 201 cr bank loan fraud case
NEW DELHI: The Law Enforcement (ED) Directorate said on Wednesday it had seized two properties including plant and machinery worth Rs 3.81 crore belonging to SLO Industries Limited in connection with a money laundering prevention case concerning bank fraud of Rs 201 crore. .
The ED initiated a money laundering investigation based on the FIR registered by the CBI, Bengaluru against SLO Industries Limited and its director Anil Kumar Ojha and others.
The ED learned during the investigation that SLO Industries Limited took advantage of various credit facilities of Corporation Bank (now Union Bank of India) and defrauded the bank out of Rs 201.88 crore.
“SLO Industries Limited, through its group companies, resorted to siphoning off the funds through its associated companies and its account maintained with other banks. The amounts of the loans were subject to of a round trip in which the beneficiary parties of the letter of credit transferred funds similar to the amount of the letter of credit to the borrower’s bank account to close the previous outstanding amount of the LC. loan turned out to have been invested in real estate business,” the ED official said.
The official said that in order to prevent the sale of the said properties, which are proceeds of crime and to prevent the frustration of prosecution under the PMLA, movable and immovable properties worth Rs. 82.83 crore had already been attached earlier and subsequently confirmed by the contracting authority.
“Based on further investigation into this matter, two more properties, properties owned and controlled by Anil Kumar Ojha of SLO Industries Ltd have been discovered. The modus operandi adopted by Anil Kumar Ojha was that the amounts in the account CC of SLO Industries Ltd were misappropriated to acquire these properties by the simple mortgage deed and then had the said properties registered in the name of shell companies whose directors were the employees of SLO Industries Ltd,” the official said.
Further investigation into this is ongoing.