Bank loan fraud: ED attaches Rs 166-cr worth assets of Maharashtra company

The firm is accused of "discounting Letters of Credit or LC (issued by banks) on the basis of forged bills" and the total value of the attached properties is Rs 166 crore.

The Enforcement Directorate (ED) on Thursday said it has attached assets worth Rs 166 crore in a money laundering probe linked to an alleged bank loan fraud that took place in Maharashtra. It said a total of 20 residential flats and plots located in Pune, Mumbai and Ratnagiri districts of Maharashtra have been provisionally attached under provisions of the Prevention of Money Laundering Act (PMLA) in a case against Varron Group of Industries. The firm is accused of "discounting Letters of Credit or LC (issued by banks) on the basis of forged bills" and the total value of the attached properties is Rs 166 crore.