The Enforcement Directorate (ED) on Wednesday said it has attached assets worth Rs 13.87 crore belonging to a firm Apkon Crushers and its partners under the Prevention of Money Laundering Act (PMLA) in a bank fraud case.
“The assets are in the form of two immovable properties and five vehicles which have been acquired out of proceeds of crime,” the ED said.
The ED has initiated an investigation under the PMLA, on the basis of an FIR registered by the CBI in 2020 against Apkon Crushers and its partners under the Indian Penal Code and Section 13(2) read with 13(1)(d) of the Prevention of Corruption Act.
The FIR was registered on the basis of a complaint filed by Punjab National Bank (PNB) chief manager, wherein it was alleged that the firm, through its partners, managed to procure the credit facilities from the complainant bank on the basis of fake and forged audited balance sheets.
“During the investigation under the PMLA, it was noticed that the company forged its balance sheet and manipulated the figures of stock in hand and receivables on a significantly higher side to obtain the credit facility from the bank fraudulently,” the ED said.
The ED said: “The accused then diverted the loan for personal use and for purposes other than for it was sanctioned. The partners also did not route the revenue of the firm through the cash credit account and did not serve the interest liability.
“The account was turned into NPA in 2019. One hundred per cent proceeds of crime of Rs 13.87 crore in this case has been attached,” the ED said.