New Delhi, Aug 3 The Enforcement Directorate (ED) on Wednesday said it has attached immovable properties in the form of residential apartment, agricultural land, bank balance and fixed deposits worth Rs 40.14 crore belonging to the directors and promoters of the Bengaluru-based company Kavveri Telecom Infrastructure Limited.
The ED initiated the money laundering investigation on the basis of the FIR registered by the CBI under relevant sections of the Indian Panel Code and the Prevention of Corruption Act.
The FIR was registered on the basis of the complaint filed by the then Deputy General Manager (DGM) of Dena Bank alleging that the bank was cheated by the company and its directors in respect of loans taken by them.
During investigation, the ED learnt that the company and its directors had taken loan from the erstwhile Dena Bank to the tune of Rs 45 crore in the name of purchase of equipment. However, the same was diverted through its sister concerns and conduit entities controlled by them.
"For availing the loan, the directors of the company submitted fake and fabricated tax invoices and lorry receipts etc with the bank.
"The loan amount was diverted using various accounts of group entities which include conduit entities and the personal savings accounts of promoters," said the official.
The diverted loan amount was rotated among bank accounts of group entities and directors and a web of transactions was created to project the money as untainted.
Subsequently, a part of this money, Rs 27.14 crore, was siphoned off abroad and parked there.
The proceeds of crime were used to acquire movable and immovable properties in the name of directors and their family members.
"When the account became NPA, the outstanding loan was of Rs 40.18 crore," the ED said.
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