ED attaches assets worth of Rs 224.6 crore of Siva Group of companies

Investigations revealed that the Siva Group negotiated, applied and obtained loan in the name of front company Axcel Sunshine Ltd

Enforcement Directorate, Chennai has attached assets worth Rs 224.6 crore pertaining to Siva Group of companies, which are linked with C Sivasankaran and Axcel Sunshine Limited of BV Islands, in a bank fraud case.

The action was taken under Prevention of Money Laundering Act (PMLA) on receipt of a complaint from Central Vigilance Commission, the CBI, BS&FC, Bengaluru filed FIR against Axcel Sunshine Limited,  C.Sivasankaran, Siva Industries and Holdings Ltd. Siva Group of companies, bank officials and others, for non-payment of loans of $67 Million disbursed by the IDBI Bank, Chennai.  

Enforcement Directorate, Chennai has initiated investigations under PMLA.  Investigations