Assets Worth Rs 400-Crore Attached In Two Money Laundering Probes
NDTV
In the first case, the federal agency said in a statement, a provisional order for attaching Rs 234.75 crore worth properties of Sarvana Stores (Gold Palace), Chennai, which is accused of cheating the Indian Bank, has been issued.
The Enforcement Directorate has attached assets of more than Rs 400 crore in two different money laundering cases linked to alleged bank and lottery frauds in Tamil Nadu.
In the first case, the federal agency said in a statement, a provisional order for attaching Rs 234.75 crore worth properties of Sarvana Stores (Gold Palace), Chennai, which is accused of cheating the Indian Bank, has been issued.
The agency alleged late Pallakudurai, P Sujatha and Y P Shiravan, partners of Saravana Stores (Gold Palace), "conspired" with unknown public servants and others to cheat the bank's branch located in T. Nagar area of Chennai.
The business house had "applied for sanctioning of loan by fabricating balance sheet and projecting sound financial health of the firm. There is a huge mis-match between the sales reported and credit entries of the firm," it said.
