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Bank loan fraud: ED attaches Rs 483-cr assets of Kolkata business group

Press Trust of India  |  New Delhi 

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

The agency said in a statement that it has "provisionally attached immovable properties comprising commercially diverted land of 2,70,374 sq ft along with shopping mall in worth Rs 483 crore of KSL and Industries Ltd, under the Prevention of Money Laundering Act (PMLA) in a bank case."

"is one of the group company of the Tayal group of companies," it said.

It said the group and its 4 firms including KSL and Industries had availed loans of Rs 524 crore from andAndhra Bankin 2008 which was allegedly defrauded by it using a "maze of shell or illegal companies."

This is the second PMLA case against the Tayal group as it was already being probed by the agency for alleged loan againstUCO Bankand assets worth Rs 234 crore of the business group were attached by it in 2016.

The agency has also filed a charge sheet in the 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 said.

The ED had taken over the case against the based group on the basis of three CBI FIRs in this instance.

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

"It came to light that funds received from 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 value of proceeds of crime," it said in 2016 while describing the modus operandi of the alleged fraud.

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

First Published: Tue, May 14 2019. 15:57 IST