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The Enforcement Directorate (ED) has provisionally attached 14 immovable properties worth Rs 51.40 crore belonging to Ishoo Narang, Director of M/s Kyori Oremin Limited (KOL) and its promoters in a bank fraud case.As per a statement, the immovable properties are located at Vizianagaram of Andhra Pradesh and Shankarpally of Telangana.The investigation was initiated on the basis of an FIR registered by the Central Bureau of Investigation (CBI) BS&FC, Bengaluru, against KOL after a complaint was filed by the Central Bank of India for defrauding the bank to the tune of Rs 62.75 crores.Later, two more FIRs were registered against them by the CBI, Anti Corruption Bureau (ACB), Hyderabad, and the Telangana Police after complaints were received from the Bank of Maharashtra and ICICI bank for defrauding the banks to the tune of Rs 43 crores and Rs 29.58 crores respectively.The investigation revealed that KOL and its directors have also defrauded two more banks - Bank of Baroda and State Bank of India with the total amount of fraud amounting up to Rs 59.31 crores and Rs 41.84 crores respectively. Five other banks were also defrauded to the tune of Rs 241.93 crores."KOL subsequently entered into a One Time Settlement (OTS) with all the five banks and paid a meager final settlement amount of Rs 61.94 crores against the total NPA of Rs 241.93 crores. Thus, despite this OTS, the banks suffered a massive loss of Rs 180 crores approximately," the statement said.The Telangana High Court had earlier dismissed a criminal petition filed by KOL, ruling that criminal investigations are not affected by civil proceedings of debt recovery.Further investigation is underway.( With inputs from ANI )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

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Politics :ED attaches 14 properties worth over Rs 51.40 in bank fraud case

The Enforcement Directorate (ED) has provisionally attached 14 immovable properties worth Rs 51.40 crore belonging to Ishoo Narang, Director of M/s Kyori Oremin Limited (KOL) and its promoters in a bank fraud case. ...