Gurugram, April 1 The Directorate of Enforcement (ED), Gurugram office on Tuesday said that it has attached assets valued at Rs 110 crore as part of a money laundering investigation in a bank fraud case related to M/s Lakhani India Limited, M/s Lakhani Rubber Udyog Pvt. Ltd., Lakhani Apparel Pvt. Ltd. and other group companies.
"The action has been taken on the basis of multiple first information reports (FIRs) registered during the year 2021 and 2023 by the Central Bureau of Investigation (CBI), Delhi and Chandigarh under various sections of the IPC, 1860 and the Prevention of Corruption Act, 1988, against M/s. Lakhani India Limited and other group companies, along with promoters PD Lakhani and Suman Lakhani, related to offences of Criminal conspiracy, cheating and fraud made to various banks," the investigative agency said in a press statement.
The ED investigation disclosed that the Company M/s. Lakhani India Limited and group companies have jointly defrauded the Indian Overseas Bank, Punjab National bank and Allahabad Bank by misappropriation and diversion of funds to other group companies, conspiring, misrepresenting facts, and cheating, resulting in a fraud of Rs. 162 crore (approx.) to the complainant banks.
The investigation further revealed that out of the business/capital loans and credit facilities disbursed by the complainant banks, Lakhani group, on the directions of the promoters, made sales to related parties at a loss, repaid loans of sister concerns, made unusual interest payments to the directors, etc.
According to the statement, ED has so far detected and provisionally attached five commercial plots measuring more than 20 acres, a two-acre farmhouse and a commercial flat-cum-office in the NCR region.
More developments are expected in the matter as the ED claimed that the further probe continues against the company.
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