Ahmedabad (Gujarat) [India], August 24 : The Directorate of Enforcement (ED), Ahmedabad Zonal Office, on Monday attached movable and immovable properties valued at ₹9.19 crore under the Prevention of Money Laundering Act (PMLA), 2002.
The action comes in connection with an ongoing investigation into a ₹71.88 crore bank fraud scheme involving M/s Sayona Colors Private Limited (SCPL) and associated entities.
ED initiated its probe following an FIR registered by the CBI, BS&FB Mumbai, against SCPL, its director Paresh D. Patel, M/s Shamrock Chemie Pvt Ltd, its directors, and others for defrauding banks and diverting funds.
Investigation revealed that SCPL misused Letter of Credit facilities, engaged in bogus agreements, and executed circular transactions among group entities to artificially inflate financial standing and secure higher credit limits.
The diverted funds were funnelled directly or through sister concerns to acquire assets in the names of promoters and group entities.
The attached properties comprise four agricultural plots acquired directly from diverted loan money, term deposits, two industrial land parcels, a residential flat, and equity shares across two demat accounts.
Marking the second Provisional Attachment Order in this case, the aggregate value of attached assets in the matter now stands at ₹9.62 crore as further investigation continues.
Further investigation is underway.