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ED attaches Rs 315 cr assets of firm linked to TDP MP

Press Trust of India  |  New Delhi 

The ED Tuesday said it has attached assets worth Rs 315 crore in connection with a money laundering and alleged against a firm promoted by TDP Y S

It said a provisional order for attachment was issued under the Prevention of Money Laundering Act (PMLA) for attaching immovable and movable properties of Viceroy Hotels Ltd, in a

The (ED) had taken up the case on the basis of a (CBI) FIR filed against (BCEPL) and their officials, who entered into a criminal conspiracy during 2010-2013 for "defrauding Central Bank of India, and "

The total loss caused to the consortium of banks due to the fraud was to the tune of Rs 364 crore. BCEPL is a part of of Companies, the ED said.

Chowdary, Rajya Sabha of the Telugu Desam Party, is considered a close aide of Chief Minister and party president N Chandrababu Naidu and has been alleged by the agency to be the promoter of of companies.

was a (MoS) in the Union cabinet headed by before Naidu quit the NDA early last year over the Centre's refusal to grant special status to

The ED, in its statement, said, "Several shell companies were floated and money was circulated among the companies using bogus invoices and part of loan amount was diverted to one which is also a shell company floated by the "


"After circuitous transactions finally the amounts were paid to in the guise of business transaction agreement between and Pvt Ltd," the agency said.

The company Viceroy Hotels, it said, "admitted their liability towards as Rs 315 crore and hence the properties of to the extent of this amount were provisionally attached."

The ED had carried out raids in the premises of these firms in multiple locations including and in the past.

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

First Published: Tue, April 02 2019. 21:25 IST
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