New Delhi, Oct 18 The Enforcement Directorate (ED) has attached properties worth Rs 185.1 crore belonging to Surya Pharmaceuticals Ltd and others in connection with a money laundering case.
The attached properties include building, plant and machinery.
The ED initiated investigation under the provisions of PMLA, on the basis of two FIRs registered by the CBI on the complaint of State Bank of India, Chandigarh and Punjab & 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 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 web of fraudulent transactions, they siphoned off the proceeds of the credit facilities taken from the banks and used for purchase of various assets in the name of the company, individuals and associated entities.
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