ED attaches Rs 300 cr assets of Vadodara firm in bank fraud

The Enforcement Directorate today attached assets worth Rs 300 crore of a Vadodara-based firm in connection with money laundering probe against it in an alleged bank fraud case.
The agency, in a statement, identified the firm as Ms Biotor Industries Limited and said immovable properties in the form of land, flats, factories, office, bungalow among others of the company and its Directors located at Alibaug, Mumbai and Vadodara have been provisionally attached.
"While the value of assets attached is Rs 132 crore, the market value for the same is Rs 300 crore," it said.
The agency had registered a criminal case under the provisions of the Prevention of Money Laundering Act (PMLA) against the firm and its officials based on a CBI FIR and charge sheet.

"Investigation under PMLA was initiated against the firm, its Directors and others. The CBI, so far, has filed five charge sheets before the respective courts where it was alleged that due to the acts and deeds of Ms Biotor Industries Limited and its Directors a loss of Rs 338 crore was caused to the consortium of banks," it said.
The Enforcement Directorate (ED) earlier, in the same case, had attached assets worth Rs 17 crore.

In an another case, the agency carried out a similar action and seized assets worth Rs 16.52 crore of an accused in the Sikkim Lottery scam case.

"The investigation conducted by the ED has established the manipulations done by the partnership firm M J Associates partnered by S Martin and N Jayamurugan which resulted in unlawful financial gain to its partners with a corresponding loss to the Sikkim government.
"During the course of investigation, it emerged that proceeds of crime generated from the aforesaid criminal activities were used in acquiring various properties," it said.
An attachment under PMLA is aimed to deprive the accused from obtaining benefits of his ill-gotten wealth and such an order can be appealed before the Adjudicating Authority of the said Act within 180 days.