ED attaches properties of Gems Cables and Conductors

The Enforcement Directorate (ED) has attached properties worth Rs 10.46 crore belonging to M/s Gem Cables and Conductors under provisions of the Prevention of Money Laundering Act (PMLA), 2002.
According to an official release issued here today, based on a charge sheet filed by the CBI alleging that M/s Gem Cables and Conductors Ltd had connived with the top management of erstwhile Global Trust Bank and fraudulently availed credit facilities from the erstwhile GTB (now Oriental Bank of Commerce) and caused loss to the bank to the tune of Rs 10.46 crore, the ED Hyderabad Zonal office registered a money laundering case against the company and others under the PMLA.

ED investigations under PMLA revealed that M/s Gem Cables and Conductors Ltd and its associate company M/s Gem Telecom Ltd had availed credit facilities fraudulently from the erstwhile Global Trust Bank and caused a loss to the bank, the release stated.
"During investigation under PMLA, proceeds of he crime were identified in the form of movable and immovable properties. Totally, three immovable properties of value of around Rs 6.03 crore and one movable property of value of Rs 4.43 crore held by M/s Gem Cables and Conductors were attached," the release stated.