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In a significant motion, Enforcement Directorate (ED) has provisionally connected movable and 290 immovable properties value Rs 63.05 Crore belonging to M/s G S Oils Restricted and its affiliate firms in financial institution fraud case. That is the second provisional attachment order issued on this case.
As per the official assertion, ED initiated cash laundering investigation on the idea of FIR registered by CBI, BS&FC, Bangalore underneath numerous sections of IPC 1860, towards M/s G S Oils Restricted, its affiliate firms, its administrators for dishonest and inflicting wrongful loss to erstwhile State Financial institution of Hyderabad (presently State Financial institution of India).
Investigation by ED revealed that M/s G.S.Oils Restricted had availed numerous credit score amenities from SBH and UCO Financial institution similar to money credit score, time period loans and LCs. All such credit score amenities have turned NPA on account of the fraud dedicated by the accused individuals. Loans have been spherical tripped & parked into numerous affiliate firms and subsequently both withdrawn in money or utilized for buying land banks within the identify of affiliate firms, which have been once more mortgaged for extra loans, the assertion additional added.
Additionally it is discovered that giant quantities of banks funds have been diverted by fraudulently issuing LCs to associated shell corporations for bogus provide of fabric. Such LCs have been devolved and the stated funds have been illegally channeled again to its promoters and finally inflicting enormous monetary loss to the PSU banks. Whole Proceeds of Crime acquired by M/s G.S. Oils Restricted is Rs 306.33 Crore. 1st Provisional attachment order was issued on 29.09.2017 by ED and a Prosecution Grievance has additionally been filed.
Now, extra property which have been used to amass loans from the Banks have been recognized and the current attachment order has been issued attaching agricultural lands of round 2050 Acres of land in Adilabad and vegetation and equipment of the accused firm.
Additional investigation is occurring.
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