New Delhi, Feb 3 (PTI) The Law Enforcement Directorate said on Thursday that it had seized assets worth Rs 9.08 crore from promoters and family members of a company based in Tiruchirappalli (Tamil Nadu) in connection with a money laundering investigation against her in connection with an alleged bank credit fraud.
An Interim Seizure Order has been issued against the company – Cethar Ltd – under the provisions of the Prevention of Money Laundering Act (PMLA).
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The Federal Investigation Agency had seized and seized assets worth Rs 5.63 crore from the accused under two similar orders issued last year.
“The directors of Cethar Ltd., Subburaj and his brother NK Pothiraaj knowingly, with criminal intent, misappropriated the loan proceeds sanctioned by the consortium of banks led by Indian Bank. They misappropriated the loan proceeds and acquired personal property , jewelry and gave them to their family members,” ED said in a statement.
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The proceeds of crime in this case have been quantified at Rs 895.45 crore and the accused company is in liquidation, he said.
The agency filed a criminal complaint under the PMLA after investigating an October 2018 FIR filed by the CBI against the company and its promoters.
The “tampering” aspects were also confirmed by forensic reports, the ED said.
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