New Delhi, May 14 : Enforcement Directorate (ED) has provisionally attached immovable properties consisting of commercially diverted land of 270374 square feet along with shopping mall in Nagpur worth Rs 483 crores of KSL and Industries Ltd, Mumbai under Prevention of Money Laundering Act (PMLA) in bank fraud case, the probe agency officials said on Tuesday.
Mumbai based KSL and Industries Ltd is one of the group company of Tayal group of Companies.
Central financial probe agency move under PMLA, comes after the registration of three FIRs by CBI against different companies of Tayal group of Companies namely Actiff Corporation Ltd, Jaybharat Textiles & Real Estate Ltd, KKTL and Eskay Knit (India) Ltd for cheating and fraudulently availing loans totaling to Rs 524 crore from Bank of India and Andhra Bank during the year 2008.
The probe agency investigation further revealed that during the year 2008, these Mumbai based companies availed loan to the tune of Rs 524 crore by defrauding the Bank of India and Andhra Bank by diverting these funds through of maze of shell companies.
“It was also found that for the purpose of money laundering, they had created a maze of shell companies which were used for routing of the diverted funds. Funds were routed through these shell companies to the companies of the said Tayal group and used up for creation of assets in the name of KSL& Industries Ltd ,Mumbai”, the officials said.
These immovable property were in form of a Mall situated at Nagpur having value of Rs 483 crore and it has been provisionally attached being proceeds of crime and are involved in money laundering, the ED official further said.
Earlier in another similar case involving UCO Bank properties worth Rs 234 crore of Tayal group was also attached. Total attachment is worth Rs 717 crore so far.
The Tayal group of Companies was promoted by Pravin Kumar Tayal and he was resorting to siphoning off funds obtained from UCO Bank and the accounts became NPA.
Money trails of the same were identified and prime properties at Mumbai having market value of Rs 234 crore were also attached under PMLA.
A Prosecution Complaint has also been filed in the matter before the learned Special Court under PMLA for commission of offence under section 3 of PMLA , the ED officials said.
