NEW DELHI: The Enforcement Directorate (ED) on Thursday mentioned that they’ve connected immovable properties value Rs 77.28 crore of Chandrashekhar Balkrushna Panchal of Archon Engicon Ltd and others in reference to a prevention of cash laundering case pertaining to financial institution mortgage fraud of Rs 265.64 crore. .
The ED initiated cash laundering investigation in opposition to Archon Engicon Ltd, Panchal and others on the idea of two FIRs registered by the Middle Bureau of Investigation (CBI) EOB, Mumbai.
The CBI had booked them beneath numerous sections of IPC learn with sections of Prevention of Corruption Act whereby it was alleged that Archon Engicon Ltd. had defaulted in repaying the loans to State Financial institution of India, IDBI Financial institution and different consortium banks in a fraudulent method, which precipitated an undue loss to the tune of Rs 265.64 crore to the banks.
The ED carried out investigation which revealed that the agency was availing numerous mortgage services from the SBI and different consortium banks and diverted the funds to numerous entities and to the non-public accounts of the administrators of the corporate.
“Now, the ED has traced and attached various properties held in the names of Archon Engicon Ltd and other related persons and attached immovable properties worth Rs 77.28 crore,” mentioned the ED official.
Additional investigations within the matter are on.
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