The Enforcement Directorate (ED) has attached assets totaling Rs 107.73 crores of Directors of Fair Deal Supplies Ltd, under Prevention of Money Laundering Act, 2002 (PMLA) in a bank fraud case.
The attached assets include land and building of SIV Industries, Coimbatore, an office building, a farmhouse and a bungalow in Ahmedabad and seven fixed deposits.
According to ED, a charge-sheet was filed by CBI before a special court in Kolkata against the Fair Deal Supplies Ltd and its directors Ram Prasad Agarwal, Narayan Prasad Agarwal, Pawan Kumar Agarwal, and Saurabh Jhunjhunwala and others for defrauding UCO Bank, Kolkata.
"It was revealed that the company and its directors availed credit facilities and Foreign Letters of Credit (FLCs) from UCO Bank, fraudulently by submitting inflated and fabricated stock statement," an official release said.
"The investigation also revealed that Directors of Fairdeal Supplies Ltd. directed the buyers of coal to remit the sale proceeds of imported coal to the accounts other than the account of Fairdeal Supplies Ltd. with UCO Bank," it added.
From these accounts with banks other than UCO Bank, the funds were further diverted to acquire assets. Further investigation is under progress.
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