Bank fraud: ED attaches over Rs 127-cr assets of media group

Assets worth over Rs 127 crore belonging to a media group have been attached in connection with a money laundering investigation linked to an alleged bank fraud case, the ED said on Tuesday.

The case pertains to Pixion Group of companies comprising Pixion Media Pvt Ltd, Pearl Media Pvt Ltd, Mahuaa Media Pvt Ltd, Pixion Vision Pvt Ltd, Pearl Studio Pvt Ltd, Pearl Vision Pvt Ltd, Century Communication Ltd, and its directors P K Tewari, Anand Tewari, Abhishiek Tewari and others, the ED said in a statement.

Properties worth Rs 127.74 crore have been attached under the Prevention of Money Laundering Act (PMLA) and these include 11 commercial plots and floors of the group companies in Mumbai, Chennai, Noida and Kolkata, it said.

Probe found that the accused persons, who were directors of Pixion Group of companies, had "fraudulently" availed loans to the tune of Rs 2,600 crore from various banks, the Enforcement Directorate (ED) said.

"The accused further diverted the loan amount through bank accounts of various companies and entities controlled by them which were finally utilised in procurement of assets at various places.

"In this manner, the accused invested in acquiring assets by rotating the bank loans in maze of transactions to conceal the source," the ED said.

It said a case under the PMLA was filed against the group and its promoters on the basis of seven FIRs and chargesheets filed by the CBI against them for fraud, cheating and causing wrongful loss to public sector banks.

Further probe is ongoing, it said.