New Delhi: The Law Enforcement (ED) Directorate said on Tuesday that it had seized 75 real estate properties, including 67 windmills valued at Rs 113.32 crore belonging to the Chennai-based Surana group of companies, as part of three cases of bank fraud of Rs 3,986 crore.
The ED had initiated a money laundering investigation based on three FIRs filed by CBI, Bengaluru against Surana Industries Limited, Surana Power Limited, Surana Corporation Limited and others.
The ED learned during the investigation that these three Surana Group companies had defrauded the banks by creating a network of fictitious companies in which they named their employees, their relatives as directors and owners, partners and engaged in paper transactions with them without actual movement of goods.
The ED also discovered in the investigation that the Surana Group had companies in the Cayman Islands as well as the British Virgin Islands in the names of dummy directors and had misappropriated money to park in these companies.
For this purpose, they set up four companies in Singapore and exported goods to them and the money due from them was written off in the account book in India.
In addition, some of the embezzled funds were used to purchase movable and immovable property in the name of various benami companies.
These actions by the Surana Group promoters made the accounts irregular, which eventually resulted in the accounts becoming NPA and leading to an amount of Rs 3,986 crore as principal outstanding with the banks.
Based on the investigations conducted, Dinesh Chand Surana, MD of Surana Industries Limited and Surana Power Ltd, Vijay Raj Surana, MD of Surana Corporation Limited and two dummy directors of shell companies viz. P Anand and I Prabhakaran, were arrested on July 12.
During investigations, it was revealed that 67 Surana Group windmills that were auctioned off by banks to reclaim their rights were again purchased in the name of a Benami company.