The ED in a statement said the agency's seizure matched against the proceeds of crime worth Rs 1,590 crore in a bank fraud case and came under the provisions of the Prevention of Money Laundering Act (PMLA).
ED's action came amid Central Bureau of Investigation moving against Rupchand Baid along with other directors of SVLL in a criminal conspiracy to cheat banks.
During investigation, it was revealed that the loans were availed on the basis of forged or fabricated documents and in the name of employees and drivers, who were kept in the dark by SVLL.
The probe also revealed that Baid routed these loans through accounts of various related entities.
Earlier, the ED had provisionally attached moveable and immoveable assets worth Rs 19.6 crore in June 2017 in the case.
The investigation had revealed that the funds were raised from banks in the form of loans or credit facilities under various schemes including one 'Chalak se Malak' scheme, wherein, loans were availed in the name of drivers, employees of SVLL for purchase of old or new vehicles.
The said loans were routed through the accounts of SVLL and its related entities and were diverted for personal gains, company expenses and repayment of old pending loans.
The ED has also been carrying out investigation under the provisions of the PMLA for unearthing the properties acquired by the accused in the case out of the loans or credit facilities availed from the banks.
( With inputs from IANS )