Business Standard

ED attaches Rs 483-cr properties of Tayal Group

IANS  |  New Delhi 

The (ED) has attached immovable properties worth Rs 483 crore of Mumbai-based for allegedly fraudulently availing loans worth Rs 524 crore from Bank of India and in 2008, the agency said on Tuesday.

is a firm of Tayal Group, which is promoted by the family of industrialist Pravin Kumar Tayal, the ED said and added that the attached properties comprise 270,374 commercially diverted square feet of land as well as a shopping mall in

The ED investigation under the Prevention of Money Laundering Act (PMLA) was prompted by three FIRs filed by the (CBI) against three different companies -- Actiff Corporation Ltd, Jaybharat Textiles and Real Estate Ltd, and and

"Our investigation has revealed that Mumbai-based companies M/s Actiff Corporation Ltd, M/s Jaybharat Textiles & Real Estate Ltd, M/s and M/s Eskay Knit (India) Ltd of availed loans to the tune of Rs 524 crore by defrauding and during 2008," said the ED.

It was also revealed that these firms created a maze of shell companies for money laundering, said the agency and added that the shell companies routed the funds to these companies of Tayal Group, which in turn used the money for creation of assets in the name of KSL and Industries Ltd,

Earlier in another similar case involving UCO Bank, the ED attached properties worth Rs 234 crore. Tayal Group siphoned off funds obtained from and the accounts became non-performing assets, the agency said.

The total attachments of the Group so far are worth Rs 717 crore.

"A prosecution complaint has also been filed in the matter before a special PMLA court and further investigations are in progress," the ED added.



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

First Published: Tue, May 14 2019. 15:48 IST