Five immovable properties worth Rs 2 crore belonging to a health drink manufacturer here were today attached under the Money Laundering Act by the Enforcement Directorate in a bank fraud case.
The company had obtained Rs 4.70 crore as loans from a nationalised bank and fraudulently utilized the money by furnishing fake invoices, and routing the money through fictitious companies.
CBI had filed a charge sheet before the Additional Chief Metropolitan Magistrate Court, Egmore against the health drink manufacturer group for causing loss to the tune of Rs 4.70 crore to the bank, Enforcement Directorate Joint Director K S V V Prasad said in a release here.
Investigations by ED revealed that the group had got back the money said to have been paid to fictitious firms and utilised it on their own.
From the funds obtained, the group had acquired immovable properties. "Five such immovable properties having a total guideline value of more than Rs 2 crore were attached under the Prevention of Money Laundering Act", he said adding further investigation was on.
