ED attaches Tiruchengode firm property
The Enforcement Directorate (ED), Chennai Zone II, has connected 24 immovable houses, really worth over ₹34 crores and belonging to Tiruchengode-based totally Pavai Alloys and Steels Private Ltd., under the Prevention of Money Laundering Act (PMLA) in a bank fraud case. P. Manikkavel, Joint Director, ED Chennai Zone II, stated in a press release that in addition, research became in development.
In November 2017, the Central Bureau of Investigation’s Bank Fraud & Security Cell registered a case and filed a charge sheet in opposition to Pavai Alloys and Steels Pvt. Ltd. And its five administrators. Based on the CBI case, a money laundering case was registered by using ED Chennai Zone II.
In his announcement, Mr. Manikkavel said that in investigations, it changed into found that the administrators of the organization had fraudulently availed loan primarily based on fabricated and fake balance sheets and defrauded the Indian Bank, Tiruchengode to the track of ₹forty two.17 crores.
The ED diagnosed 10 immovable homes located in Coimbatore and Namakkal really worth ₹23.50 crore. Further inquiries resulted inside the identity of 14 greater immovable properties within the names of children of the directors of the firm expected at ₹10.50 crore.
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