The Enforcement Directorate (ED) provisionally attached properties worth Rs 185.1 crore under the Prevention of Money Laundering Act (PMLA), 2002 belonging to Surya Pharmaceuticals Ltd and others.
The attached properties include building, plant and machinery.
ED initiated an investigation under the provisions of PMLA, 2002 on the basis of two FIRs registered by CBI on the complaint of State Bank of India, Chandigarh and Punjab and Sind Bank, Karnal against Surya Pharmaceuticals Ltd, its Managing Director Rajiv Goyal and others for defrauding the banks to the tune of Rs 828 Crore.
The central agency said PMLA investigation further revealed that the modus operandi of the said fraud was availing Letter of Credits (LCs) in lieu of bogus invoices and discounting these LCs by the associated entities.
Through a web of fraudulent transactions, they siphoned off the proceeds of the credit facilities taken from the banks and used for the purchase of various assets in the name of the company, individuals and associated entities, ED said.
( With inputs from ANI )
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