ED attaches properties of Rajkot-based firm in money laundering case

Enforcement Directorate (ED) has provisionally attached immovable assets worth Rs 16 crore under the PMLA, 2002 in connection with a case against Mandeep Industries, Rajkot

Enforcement Directorate (ED) has provisionally attached immovable assets worth Rs 16 crore under the Prevention of Money Laundering Act (PMLA), 2002 in connection with a case against Mandeep Industries, Rajkot.

According to ED, Mandeep Industries is a partnership concern of Ashish B Talaviya, Kishorbhai Haribhai Vaishnani, Ramjibhai H Gajera, Kalpesh P Talaviya and Bhavesh Talaviya. These assets include immovable properties in the form of plant and machinery, factory land and building, residential flats and plots worth Rs 16 crore located in Rajkot, Gujarat.

ED initiated a money laundering investigation on the basis of the FIR registered by the Central Bureau of Investigation (CBI), Mumbai. During the course of investigations under PMLA, it was revealed that Mandeep Industries has defaulted in repaying the loans to Union Bank of India in a fraudulent manner, which caused an undue loss to the tune of Rs 44.64 crore to the bank, the agency said in a statement released here.

Accordingly, ED conducted an investigation which revealed that the said company was availing various loan facilities from Union Bank of India and diverted the funds to various fictitious entities, and also to the personal accounts of the partners of the firm. Part of the diverted funds was also used for the purchase of immovable properties, the agency added.