Enforcement Directorate (ED) today attached assets worth Rs 235 crore of a Kolkata-based firm in connection with its money laundering probe in an alleged bank loan default case of UCO bank.
The agency said it has attached immovable properties worth Rs 233 crore and 19 bank accounts having deposits amounting to Rs 1.60 crore totalling about Rs 235 crore which belong to the Tayal group of companies under provisions of the Prevention of Money Laundering Act (PMLA).
The ED took cognisance of the case on the basis of a CBI FIR which was registered on a complaint made by UCO bank against the group for alleged default of Rs 296 crore.
"During investigation initiated under PMLA, it was revealed that the said companies under the umbrella of Tayal group of companies, represented by promoter Praveen Kumar Tayal, were involved in large scale of fraud perpetrated on several nationalised banks across the country.
"During investigations, it was revealed that the funds received from the banks by the said Tayal group of companies for specific purpose were siphoned off through a maze of fictitious companies and from there to unknown destinations," the ED said in a statement.
The utilisation of funds, as claimed by the said Tayal group of companies were found to be fictitious. From the trail of funds, it is abundantly clear that the said funds were laundered through its group companies, it said.
"Nevertheless, the said Tayal group of companies despite having a large amount of liabilities to banks, acquired a number of properties and also placed huge amounts in bank accounts, which are believed to represent the value of the proceeds of crime," it added.
An attachment order under PMLA is aimed to deprive the accused from obtaining illegal benefits of their ill-gotten wealth and such an order by the ED can be appealed before the Adjudicating Authority of the Act within 180 days.
The agency is probing some high-profile bank default cases after it booked FIRs in the recent past against the defaulters.
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