|
The Enforcement Directorate (ED) has attached immovable properties belonging to Snehal Enterprises and Viroo Mal Mulakh Raj Jain Rice Mills in the form of land, plant and machinery worth Rs 27.54 crore situated in Punjab's Amritsar district.
The Jalandhar division of the federal agency attached the properties under the Prevention of Money Laundering Act (PMLA), 2002, following provisional attachment order dated February 28. The properties belong to Snehal Enterprises, Viroo Mal Mulakh Raj Jain Rice Mills Pvt Ltd and some individuals namely Nitin Jain, Neetu Jain and others, said the ED in a statement on Thursday. ED initiated investigation on the basis of First Information Reports registered by the Central Bureau of Investigation (CBI) against Snehal Enterprises and others for cheating and committing bank fraud of value Rs 185.17 crore The ED investigation revealed that the accused persons and entities sold and disposed off the stock lying at the premises of Snehal Enterprises, which was hypothecated with the bank, illegally without informing to the bank. As per the agency, the entity siphoned off the loan amount to the account of Viroo Mal Mulakh Raj Jain Rice Mills Pvt. Ltd, its sister concerns, accounts of Snehal Enterprises and through cash withdrawals and used it for personal gains.(ANI)
|
