The ED Tuesday said it has attached assets worth Rs 315 crore in connection with a money laundering and alleged bank fraud case against a firm promoted by TDP MP Y S Chowdary.
It said a provisional order for attachment was issued under the Prevention of Money Laundering Act (PMLA) for attaching immovable and movable properties of Viceroy Hotels Ltd, Hyderabad in a bank fraud case.
The Enforcement Directorate (ED) had taken up the case on the basis of a Central Bureau of Investigation (CBI) FIR filed against Best & Crompton Engineering Pvt Ltd (BCEPL) and their officials, who entered into a criminal conspiracy during 2010-2013 for "defrauding Central Bank of India, Andhra Bank and Corporation Bank."
The ED, in its statement, said, "Several shell companies were floated and money was circulated among the companies using bogus invoices and part of loan amount was diverted to one Mahal Hotels which is also a shell company floated by the Sujana Group."
The company Viceroy Hotels, it said, "admitted their liability towards Mahal Hotels as Rs 315 crore and hence the properties of Viceroy Hotels Ltd to the extent of this amount were provisionally attached."
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