ED attaches Rs 2.20 crore of Chennai retailer

In continuing action against money laundering, the Enforcement Directorate has attached Rs 2.20 crore of an electronics retailer who availed Rs 10.77 crore as loan from a public sector bank by allegedly providing forged documents.
City-based Kannya Electronics had cheated Union Bank of India by producing forged documents and obtaining loan of Rs 10.77 crore, the ED said in a release.
The company and its Managing Director were chargesheeted by Central Bureau of Investigation officials, Bengaluru, under the Prevention of Corruption Act, ED Joint Director K S V V Prasad said.
The case was taken up by the ED and investigations revealed that part of proceeds of the crime were deposited in a bank account.

The Directorate attached Rs 2.20 crore pertaining to Kannya Electronics as it was part of the crime and further investigation was on, he added.