Revenue and department of economic affairs English news | Revenue and department of economic affairs, Latest News & Live Updates in English | English News (Latest English News) at Lokmattimes.com

New Delhi, Sep 9 The Enforcement Directorate (ED) on Friday said it had conducted search operations on Thursday in connection with a bank loan fraud case.The searches were conducted at the business and residential premises of the accused persons and their associates including Tara Corporation Limited (renamed as Malaudh Agro Limited), its directors Jaswant Singh, Balwant Singh, Kulwant Singh, Tejinder Singh, their associates and other sister concerns.The raids were conducted at Ludhiana, Malerkotla, Khanna, Payal and Dhuri.During the course of search, various incriminating evidence were recovered and seized. They were related to bogus firms through which turnover of Tara Corporation Limited (TCL) was inflated and loan funds were siphoned off by the accused.Mobile phones, hard drives and Indian currency worth Rs 32 lakh were also seized from the search premises.The ED had initiated money laundering investigation on the basis of the FIR registered by the CBI.Bank of India, Model Town Branch, Ludhiana had sanctioned loan on cash credit limits aggregating Rs 35 crore as against hypothecation of stocks and book-debts in 2011 under sole banking arrangement. The account was also sanctioned an ad-hoc limit of Rs 6 crore in February 2014, which is yet to be repaid by the company.The account of TCL was declared as NPA in 2014. The aggregate loan outstanding is Rs 76 crore.Jaswant Singh, Balwant Singh, Kulwant Singh and Tejinder Singh were directors and guarantors in the loan account of Tara Corporation Limited.When a fresh search was initiated by the bank in May 2016, it was observed that there was a drastic change in the directors of the company and Kirpal Singh Tiwana, Harish Kumar and Lakhbir Singh had been appointed as directors of TCL and a 'principal person' Balwant Singh had resigned from the directorship.Later on, Balwant Singh had also been re-appointed as director of the company in 2016."On the basis of information available, investigation was initiated against the above said persons and their associates in order to ascertain the money laundering activities undertaken by them for laundering their proceeds of crime," the official said.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

Revenue And Department Of Economic AffairsFOLLOW

Revenue and department of economic affairs, Latest News

Kolkata, Sep 12 Maneka Gambhir, the sister-in-law of Abhishek Banerjee, Trinamool Congress national general secretary, reached the office ... ...

Kolkata, Sep 11 Trinamool Congress's national general secretary Abhishek Banerjee's sister-in-law, Maneka Gambhir, was stopped from travelling abroad ... ...

Enforcement Directorate (ED) officials who recovered over Rs 17 crore from the residence of a businessman in Kolkata, found 10 trunks on the spot. ...

Kolkata/New Delhi, Sep 10 After over 13 hours of counting that began on Saturday morning using eight currency-counting ... ...

Kolkata, Sep 10 As counting of notes seized by the Enforcement Directorate (ED) from the residence of city-based ... ...

Kolkata, Sep 10 On Saturday afternoon, while the Enforcement Directorate (ED) sleuths were conducting raids at the residence ... ...

Kolkata, Sep 10 Enforcement Directorate (ED) teams conducted raids on Saturday at three separate places in Kolkata and ... ...

New Delhi, Sep 9 The Enforcement Directorate (ED) on Friday said it had conducted search operations on Thursday ... ...