NEW DELHI:The Enforcement Directorate (ED) on Wednesday said that it has attached two immovable properties including plant and machinery worth Rs 3.81 crore belonging to SLO Industries Limited in connection with a Prevention of Money Laundering case pertaining to a bank fraud of Rs 201 crore.
The ED initiated a money laundering investigation on the basis of the FIR registered by the CBI, Bengaluru against SLO Industries Limited and its Director Anil Kumar Ojha and others.
The ED learnt during the investigation that SLO Industries Limited availed various credit facilities from Corporation Bank (now Union Bank of India) and defrauded the bank to the tune of Rs 201.88 crore.
"SLO Industries Limited through its group companies resorted to siphoning off the funds through its associate concerns and its account maintained with other banks. The loan amounts were round tripped wherein the Letter of Credit beneficiary parties transferred funds similar to the LC amount into the borrower's bank account to close the previous outstanding LC. The loan amount was found to have been invested in real estate business, " said the ED official.
The official said that in order to prevent the sale of the said properties, which are proceeds of crime and to prevent frustration of further proceedings under the PMLA, movable and immovable properties worth Rs. 82.83 crore had already been attached earlier and subsequently confirmed by the adjudicating authority.
"On the basis of further investigation in this matter, two more immovable assets, properties owned and controlled by Anil Kumar Ojha of SLO Industries Ltd were found. The modus operandi adopted by Anil Kumar Ojha was that the amounts from the CC account of SLO Industries Ltd were diverted to acquire these properties through the simple mortgage deed and later on got the said properties registered in the name of shell companies whose directors were the employees of SLO Industries Ltd, " said the official.
Further investigation in the matter is underway.