New Delhi, Jan 3 The Enforcement Directorate (ED) on Monday said that they have provisionally attached immovable assets worth Rs 26.25 crore in form of land, residential and commercial properties of Diamond Power Infrastructure Ltd and others in a bank fraud case. With this, the total attachment in the case has gone up to Rs 1,128.97 crore.
"We attached the property of Diamond Power Infrastructure Ltd (DPIL) and its erstwhile Directors, Promoters and their family members. This is a bank fraud case. In 2018, we attached property worth Rs 1,122.72 crore belonging to the accused," said an ED official.
The ED initiated money laundering investigation on the basis of a CBI case lodged against DPIL and others for commission of offence under sections 420, 467, 468, 471 r/w 120-B of IPC and section 13(2) read with section 13(1)(d) of the Prevention of Corruption Act, 1988.
The investigation conducted by the ED disclosed that DPIL had availed term loans/ working capital loans, external commercial borrowings and non-convertible debentures from a consortium of 19 banks and institutions.
The ED found that DPIL had used paper transactions with shell companies to avail higher credit facilities from the banks. It then diverted all the funds causing the consortium of the financial institutions a loss of Rs 2,654.4 crore.
"The consortium of 19 banks led by Bank of India suffered this huge loss and approached the CBI. Later we also lodged a prevention of money laundering case," said the ED official.
The ED has already filed a prosecution complaint (charge sheet) against the accused in 2018. This was filed before the Special PMLA Court, Ahmedabad.
The ED official said that further probe in the matter was on.
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