New Delhi: The Enforcement Directorate (ED) has attached assets worth Rs 185 crore of a Chandigarh-based pharmaceutical company under the anti-money laundering law in connection with a case of alleged bank loan fraud.
“ED has provisionally attached properties worth Rs 185.1 Crore under the Prevention of Money-laundering Act (PMLA), 2002 belonging to M/s Surya Pharmaceuticals Ltd and others in a bank fraud case,” ED said in a tweet on Tuesday.
ED initiated investigation under PMLA on the basis of 2 FIRs registered by CBI on the complaint of State Bank of India, Chandigarh and Punjab & Sind Bank, Karnal against M/s. Surya Pharmaceuticals Ltd; its Managing Director Rajiv Goyal and others for defrauding the banks to the tune of Rs. 828 Crore, the probe agency said in a statement.
The attached properties include building, plant and machinery.
The ED said Letters of Credit were availed in the name of the company in lieu of “bogus invoices” and alleged “discounting of these LoCs by associated entities.”
“Through a web of fraudulent transactions, the accused siphoned off the proceeds of the credit facilities taken from the banks and used for purchase of various assets in the name of the company, individuals and associated entities,” the ED said.
Investigation in the case is underway.