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Bank loan fraud case: ED attaches Tayal groups assets worth Rs 483 cr

Tayal group was already booked under similar charges against UCO bank in 2016 by the ED

Press Trust of India  |  New Delhi 

Enforcement directorate
The ED had taken over the case against the Kolkata-based group on the basis of a CBI FIR | File Photo

worth Rs 483 crore of a Kolkata-based group have been attached by the ED in connection with an alleged multi-crore bank loan fraud case, officials said on Tuesday.

They said the agency has issued a provisional order, under the Prevention of Act (PMLA), for attachment of properties of the of companies.

Sources said the group had availed loans of Rs 524 crore from the Bank of India and Andhra Bank in 2008 which was allegedly defrauded by it using a "maze of shell or illegal companies."

This is the second against the as it was already being probed by the agency for alleged loan fraud against UCO Bank and worth Rs 234 crore of the business group were attached by it in 2016.

The agency has also filed a charge sheet in the UCO Bank case before a special PMLA court in

"The agency has been able to recover almost the entire amount of loan fraud through these attachments which will now face judicial scrutiny. The role of bank officials in the second case is under probe," a senior official said.

The ED had taken over the case against the Kolkata-based group on the basis of a CBI FIR.

"During investigation, it was revealed that the said companies under the umbrella of of companies, represented by promoter Praveen Kumar Tayal, were involved in large scale fraud perpetrated on several nationalised banks across the country."

"During investigations, it was revealed that the funds received from the banks by the said Tayal group of companies for specific purpose were siphoned off through a maze of fictitious companies and from there to unknown destinations," the ED had earlier said.

The utilisation of funds, as claimed by the said Tayal group of companies were found to be fictitious. From the trail of funds, it is abundantly clear that the said funds were laundered through its group companies, it said.

"Nevertheless, the said Tayal group of companies despite having a large amount of liabilities to banks, acquired a number of properties and also placed huge amounts in bank accounts, which are believed to represent the value of the proceeds of crime," it said in 2016 while describing the modus operandi of the alleged fraud.

First Published: Tue, May 14 2019. 14:11 IST