New Delhi [India], January 8 : The Directorate of Enforcement (ED) has provisionally attached four immovable properties worth Rs 45.23 crore in a bank fraud case involving Associate High Pressure Technologies Private Limited (AHPTL), an official statement said on Monday.
ED stated that the attached properties include a land parcel worth Rs 37.39 crore situated in
Anjar district in Gujarat and three flats having a total worth of Rs 7.84 crore situated in Bandra Mumbai belonging to the accused Ramchand Kotumal Issrani, Mohamed Farouk Suleman Darvesh and Manoharlal Satramdas Agicha , promoter and director of AHPTL.
The probe agency further stated that the proceeds of the crime of Rs 149.89 crore have been quantified in this case.
According to ED, its investigation revealed that a substantial portion of the loan amount received from the Union of India was siphoned off by way of bogus LC , unsecured loans to related entities, outstanding export proceeds, bogus commissions to related entities etc.
"In this case, 12 searches were carried out by ED in Mumbai, Gandhidham and Pune. In this case, Ramchand Kotumal Issrani and Manoharlal Satramdas Agicha have been arrested by ED and currently, both of them are in judicial custody," the ED said in a statement.
Further investigation is underway.
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