Ahmedabad, Sep 25 (SocialNews.XYZ) The Enforcement Directorate (ED), Ahmedabad, has provisionally attached movable and immovable properties worth approximately Rs 4.53 crore in a bank fraud case involving Steel Konnect India Private Limited, where the alleged proceeds of crime have been quantified at Rs 79.56 crore, the agency said on Friday.
The agency issued the Provisional Attachment Order (PAO) on August 24 under the Prevention of Money Laundering Act (PMLA), 2002.
The ED initiated the investigation based on an FIR registered by the Central Bureau of Investigation (CBI) under various provisions of the Indian Penal Code, 1860, and the Prevention of Corruption Act, 1988.
According to the ED, the company, through its erstwhile directors, allegedly colluded among themselves and with others to violate the sanctioned terms and conditions of loans and divert and misappropriate loan funds.
The agency said its investigation found that funds were allegedly siphoned off through cash withdrawals and transferred to sister concern companies without genuine business transactions as part of a conspiracy that caused wrongful loss to the bank and corresponding wrongful gain to the accused.
The ED said the loan proceeds were allegedly routed or diverted through non-consortium bank accounts, personal accounts of the company's directors and subsidiary companies.
During the investigation, the agency conducted a detailed examination of the money trail and utilisation of the loan funds.
Based on its findings, the ED Ahmedabad issued the attachment order covering movable and immovable properties valued at approximately Rs 4.53 crore.
The attachment is provisional and has been made under the PMLA in connection with the alleged laundering and diversion of funds linked to the bank fraud case.
The agency said further investigation into the matter is in progress.
Source: IANS
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