City
Epaper

ED attaches assets under PMLA against ALPPL Directors, others

By IANS | Updated: November 18, 2021 20:25 IST

New Delhi, Nov 18 The Enforcement Directorate (ED) has provisionally attached assets worth Rs 2 crore under the ...

Open in App

New Delhi, Nov 18 The Enforcement Directorate (ED) has provisionally attached assets worth Rs 2 crore under the provisions of Prevention of Money Laundering Act (PMLA), 2002 in a bank fraud case against Adarsh Leather Products Private Limited (ALPPL), an official said here on Thursday.

The attached assets are in the form of Fixed Deposit.

The ED initiated money laundering investigation on the basis of a 9-year-old FIR and subsequent charge sheet that was filed by CBI Kolkata under relevant sections of the IPC in 2013 against ALPPL, its Directors and other persons, for defrauding the IDBI bank to the tune of Rs 7.5 crore by availing loan on the basis of false and forged documents.

The ED said ALPPL utilised the said loan amount for purpose other than for which it was sanctioned.

Money laundering investigation has revealed that after availing the loan worth of Rs 7.5 crore, the funds were diverted after rotating amongst various bank accounts maintained by various shell or dummy entities and given colour of genuine business transactions.

"Moreover, these dummy concerns were not complying with any statutory requirement like filing of Income Tax returns, VAT returns etc," the financial probe agency added.

It said further investigation in the matter is still under progress.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Tags: Cbi kolkataEnforcement DirectorateDepartment of economic affairs of finance ministryRevenue and department of economic affairsGovernment of india, directorate of enforcementIncome tax, enforcement directorate
Open in App

Related Stories

NationalNational Herald Case: Congress Party Workers Detained in Protest Over ED Targeting Sonia & Rahul Gandhi (Watch Video)

InternationalMehul Choksi Arrested in Belgium on India’s Extradition Request

NationalExcise Policy Case: ED Gets Union Home Ministry Sanction to Prosecute Arvind Kejriwal

ThaneThane: ED Seizes Rs 55 Lakh Flat Linked to Dawood Ibrahim's Brother Iqbal Kaskar in Money Laundering Case

National‘I Am Entitled to Relief’: Vijay Mallya Reacts to FM Nirmala Sitharaman’s Remarks About Rs 14,131 Crore Recovery

Politics Realted Stories

MaharashtraPower Struggle in Maharashtra? Gulabrao Deokar, Satish Patil Join Ajit Pawar’s NCP Amid Mahayuti Rift

Maharashtra'Unity Not Just for Elections': MNS Leader Sandeep Deshpande on Possible Thackeray Alliance

PoliticsMurshidabad Violence: Shehzad Poonawalla Slams Yusuf Pathan Over Tea Post, Says, “As Hindus Get Slaughtered…”

PoliticsTamil Nadu Assembly Elections 2026: BJP-AIADMK Join Hands, Palaniswami To Lead Alliance, Says Amit Shah

Politics‘No Injustice to Muslims’: Shiv Sena Leader Manisha Kayande Slams Opponents of Waqf Amendment Bill