New Delhi: The Enforcement Directorate (ED) has hooked up property price ₹185 crore belonging to Surya Prescription drugs Ltd below the anti-money laundering regulation in connection to a case of alleged financial institution mortgage fraud, the monetary probe company mentioned in a press release.
“ED has provisionally hooked up properties price ₹185.1 crore below the Prevention of Cash-laundering Act (PMLA), 2002 belonging to M/s. Surya Prescription drugs Ltd. and others in a financial institution fraud case,” the Enforcement Directorate mentioned in a tweet on Tuesday.
The hooked up properties embrace constructing, plant and equipment, it mentioned in a press launch. The probe company has taken the motion below the Prevention of Cash Laundering Act (PMLA), 2002.
“ED initiated an investigation below the provisions of PMLA 2002 on the premise of two FIRs registered by CBI on the grievance of State Financial institution of India, Chandigarh and Punjab and Sind Financial institution, Karnal, in opposition to Surya Prescription drugs Ltd, its Managing Director Rajiv Goyal and others for defrauding the banks to the tune of ₹828 crore,” reads the press assertion.
PMLA Investigation revealed that the modus operandi of the mentioned fraud was availing Letter of Credit (LCs) in lieu of bogus invoices and discounting these LCs by related entities.
“By means of an internet of fraudulent transactions, the accused siphoned off the proceeds of the credit score amenities taken from the banks and used for buy of assorted property within the identify of the corporate, people and related entities,” the ED mentioned.
Investigation within the case is underway.
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Supply: Live Mint