CHENNAI:Enforcement Directorate (ED), Chennaion Wednesday provisionally attached immovable and movable properties worth Rs.224.6 crores of two companies under the provisions of Prevention of Money Laundering Act (PMLA), 2002,
in a bank fraud case.
An ED release here said the properties belonging to Siva Group of companies and M/s Axcel Sunshine Limited of BV Islands were provisionally attached.
On receipt of a complaint from Central Vigilance Commission CBI, BS and FC, Bengaluru filed FIR against M/s Axcel Sunshine Limited C Sivasankaran, M/s Siva Industries and Holdings Limited, Siva Group of companies, bank officials and others, for non-payment of
loans of USD 67 million disbursed by the IDBI Bank, Chennai.
The ED, which had initiated investigations under PMLA, revealed that the Siva Group negotiated, applied and obtained loan in the name of front company M/s Axcel Sunshine Ltd and misused the same for striking off their earlier and other loans knowingly that
the companies were under NPA and the loans were not repaid by either the firm obtained loan or the beneficiaries.
As the loan amount granted by IDBI has been utilised for repayment of earlier loans which were merged with the business expenses of Siva group of companies, based on the concept of equivalent value, various immovable properties worth Rs 224.25 crores and movable
properties to the tune of Rs.35.32 lakhs were provisionally attached under the PMLA, 2002.
Immovable properties attached included vacant lands and office premises at MRC Nagar, T. Nagar, Chennai and movable properties included mutual funds and balance amounts available in their bank accounts.Further investigations were in progress. (AGENCIES)
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