ED attaches assets worth Rs 9 crore of TN-based firm in Rs 895 crore bank fraud case
India Today
The Enforcement Directorate has attached immovable properties belonging to the directors of Tamil Nadu-based firm Cethar Limited and their family members under the PMLA.
The Enforcement Directorate has attached immovable properties with a total value of Rs 9 crore belonging to the directors of Tamil Nadu-based firm Cethar Limited and their family members under the Prevention of Money Laundering Act (PMLA) in a bank fraud case.
Last year, the Enforcement Directorate (ED) seized movable properties worth Rs 5.63 crore in connection with this case.
The ED had initiated the money-laundering investigation based on an FIR filed by the Central Bureau of Investigation (CBI) against directors of Cethar Ltd for defrauding banks to the tune of over Rs 895 crore.
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The ED has alleged that the directors of Cethar Ltd, Subburaj and his brother NK Pothiraaj, intentionally with criminal intent, siphoned off the loan amount sanctioned by the consortium of banks led by the Indian Bank.
“They have siphoned off the loan amount, public money and acquired personal properties, jewellery and handed-over gifts to their family members. The proceeds of crime (POC) in the case have been quantified at Rs 895.45 crore,” said the ED in a statement.
