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ED Attaches Over 6,000 Vehicles Worth Rs 1,609 Crore Of Surat-Based Firm In Bank Fraud And Money Laundering Case
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The Enforcement Directorate on Tuesday (18 June) attached more than 6,000 vehicles worth about Rs 1,610 crore in connection with a bank loan fraud and a case of money laundering against a Surat-based company and its promoters, reports Economic Times.
According to the report, the agency issued a provisional order for attachment of assets under the prevention of money laundering act (PMLA) against Siddhi Vinayak Logistics Limited (SVLL) and its director Rupchand Baid.
The ED had arrested Baid in the past in connection with this case for his alleged role in aiding and laundering black money in the Bank of Maharashtra loan fraud case to the tune of Rs 836.29 crore.
The central probe agency has attached 6,170 vehicles in total, valued at over Rs 1,609.78 crore. It had similarly attached the assets of the company worth about Rs 19 crore in June 2017.
"Investigation made so far revealed that the loans were availed on the basis of forged or fabricated documents and in the name of employees and drivers who were kept in dark by SVLL. Investigation also revealed that Baid routed these loans through accounts of various related entities," the ED said in a statement, as reported by ET.
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