 "Loan fraud case: ED attaches Deccan Chronicle assets worth Rs 263 crore")
The Enforcement Directorate (ED) has attached Rs 263 crore worth assets of Ms Deccan Chronicle Holdings Limited in connection with a bank fraud money laundering case.
Officials of the ED said on Tuesday that the provisional order for attaching assets totalling Rs 263.10 crore has been issued by the agency against the company and others under the provisions of the Prevention of Money Laundering Act (PMLA).
The ED had booked a case against the company and others based on a CBI FIR.
The case pertains to the alleged default of Rs 357 crore loan from Canara Bank by the firm and others.
The attachment of assets under PMLA is aimed at depriving the accused of taking benefits of their ill-gotten wealth and such an order gets confirmed after a directive is passed by the Adjudicating Authority of the said Act within 180 days.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%