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ED attaches properties worth Rs 483 crore in bank fraud case

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The (ED) has provisionally attached immovable properties consisting of commercially diverted land of 2,70,374 sq ft along with shopping mall in worth Rs 483 crore of KSL & Industries Ltd, under Act (PMLA), 2002, in a

KSL & Industries Ltd, is one of the group company of Tayal group of Companies, read a statement from ED.

"The Directorate initiated an investigation under PMLA on the basis of three FIRs of CBI(B & FC) against three different companies of Tayal group of Companies viz. Actiff Corporation Ltd, Jaybharat Textiles & Real Estate Ltd, KKTL and for cheating and fraudulently availing loans totalling to Rs 524 crore from and during the year 2008," the statement read.

It was revealed in the investigation that during the year 2008, these based companies of Tayal group availed loan to the tune of Rs 524 crore by defrauding and It was also revealed that for the purpose of money laundering, they had created a maze of shell companies which were used for routing of the diverted funds.

Funds were routed through these shell companies to the companies of the said Tayal group and used up for the creation of assets in the name of KSL & Industries Ltd, Mumbai. These immovable properties in the form of a mall situated at having a value of Rs 483 crore have been provisionally attached being proceeds of and are involved in Earlier in another similar case involving properties worth Rs 234 crore of Tayal group were also attached. Total attachment is worth Rs 717 crore.

It may be recalled that Tayal group of Companies, promoted by of was resorting to siphoning off funds obtained from and the accounts became NPA.

Money trails of the same were identified and prime properties at Mumbai having a market value of Rs 234 crore were also attached under PMLA. A prosecution complaint has also been filed in the matter before the learned under PMLA for a commission of an offence under Section 3 of PMLA.

Further investigation in the case is underway.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, May 14 2019. 17:42 IST