New Delhi: Enforcement Directorate (ED) has provisionally attached property worth Rs 11.85 crore under the Prevention of Money Laundering Act, 2002 (PMLA) in connection with an alleged bank fraud case.
The movable properties of the main promoters in the case of M/s Surya Vinayak Industries Ltd were attached by the agency.
“The attached assets consist of STDRs, TDRs, Current Accounts, Saving accounts balances of M/s Surya Vinayak Industries Ltd., Sanjay Jain, Rajiv Jain, Neena Jain, M/s Surya Vinayak Hospitalities Ltd., M/s Florina Airlines Ltd. and also shares of Limited Companies of Abhinav Shukla and Sh. Sudhir Shukla,” according to the ED.
The agency had initiated investigations under PMLA under the basis of FIR and charge sheet filed by the CBI under relevant sections of the IPC, along with other relevant laws for “fraud, cheating and causing wrongful loss to public sector banks to the tune of Rs. 2066 Cores out of the availed loan of Rs. 2240 crores against Sanjay Jain, Rajiv Jain, M/s Surya Vinayak Industries ltd and others.”
The investigations revealed that the accused, namely, Sanjay Jain and Rajiv Jain who were directors of M/s Surya Vinayak Industries Ltd., had fraudulently availed loans to the tune of Rs. 2,240 crores from various banks on the basis of forged records, forged books of accounts, issuance of bogus purchase invoices, accommodation entries, among others.
They had then diverted the loan amounts through bank accounts of various companies and entities controlled by them and also to their personal accounts.
They had then used the funds to acquire movable assets and had rotated the bank loans in transactions to conceal the source.
“So far, five provisional property attachment orders have been issued for attachment of properties totalling to Rs 179 crores (approx.),” the ED said.
A further prosecution complaint was filed in 2017 under section 45 of PMLA against 4 accused persons namely M/s Surya Vinayak Industries Limited, Sanjay Jain, Rajiv Jain, M/s SVIL Mines Ltd, Katni, and a supplementary prosecution complaint has also been filed in 2018 against 32 accused.
Further investigation is underway.