ED issues provisional attachment order against private firm

The Enforcement Directorate (ED) has issued provisional order to attach property worth Rs 32 crore of a private limited company, which has defaulted on loans amounting to Rs 2,500 crore of 25 public sector banks.
"We have issued provisional order to attach property of the company worth Rs 32 crore," a senior official at the ED Indore sub-zonal office said today.
Under the order, company's land measuring 23.80 acres at Bengaluru, Indore, Mumbai, Raigarh in Maharashtra and its investments are going to be attached, he added.
The provisional order regarding attachment will now be putforth before ED's Adjudicating Authority for further action, he said.

"We are investigating the company under Prevention of Money Laundering Act 2002," he said.
It has allegedly drawn loans worth Rs 2,500 crore and guarantee from 25 banks for different projects on fake documents and defaulted, he added.
Earlier, the ED had attached property worth Rs 100 crore of the company, the official said.