Bank loan fraud: ED attaches Rs 375-cr assets of Surat firm

NEW DELHI: The ED has attached assets worth over Rs 375 crore of a Gujarat-based firm in connection with its money laundering probe in an alleged bank loan fraud, perpetrated using fraudulent Letters of Credit of more than Rs 2,100 crore.

The central probe agency said it has attached the plant and machinery of the firm — Ms Nakoda Limited — in Surat district of Gujarat under the Prevention of Money Laundering Act (PMLA).

It said a money laundering case was registered against the firm, its CMD Babulal Gumanmal Jain and his son, and joint MD Devender Babulal Jain based on a CBI FIR.

The assets attached are valued at Rs 375.71 crore. (AGENCIES)


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