Assets worth over Rs 234 crore of a Punjab-based company and its promoters have been attached in connection with a money laundering case linked to an alleged loan fraud at the Punjab National Bank (PNB) and others, the ED said on Friday.
It said a provisional order for attachment of the plant and machinery of the company- Kudos Chemie Ltd- located in Kuranwala and Saidpura villages of Mohali district in Punjab has been issued under the Prevention of Money Laundering Act (PMLA).
The central agency said it filed a criminal case against the company and its directors after studying an FIR of the CBI in the same case.
The CBI, it said, had charged the company, its promoters/directors Jitendra Singh, Gurmeet Sodhi, Kabir Sodhi and other private persons.
"It was alleged in the CBI FIR that the company had been sanctioned term loans and working capital limits by the PNB and other banks as part of a consortium and it had not utilised the credit facilities in line with the terms of sanctions agreed upon."
"The loan amounts were diverted, siphoned off by the accused company and directors with intention to cause wrongful loss to banks and illegal gain to themselves," the Enforcement Directorate (ED) said in a statement.
Probe found that Singh, managing director of the company, had submitted "forged export bills" to the PNB and got them discounted "in connivance" with some officials of the bank to the tune of Rs 361.94 crore, it alleged.
The said amount was utilised for adjustments of cash-credit accounts and other outstanding liabilities which was not in line with the terms of sanction agreed upon for the purpose, the ED said.
Properties worth Rs 109.03 crore have been attached by the agency in this case earlier.
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