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.
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