The Law Enforcement Directorate said on Saturday it had seized the factory, machinery, land and plots of a Rajkot-based company as part of a money laundering investigation against it for alleged fraud in a bank loan of Rs 44 crore.
The provisionally attached assets of the company called Mandeep Industries are worth Rs 16 crore, the agency said in a statement.
The seizure order was issued under the sections of the Prevention of Money Laundering Act (PMLA).
The money laundering case stems from a CBI FIR against the company and the complaint alleged that it “failed to repay loans to Union Bank of India causing undue loss amounting to Rs 44.64 crore for the bank”. Union Bank of India loan facilities and “diverted” the funds to various shell entities, as well as the personal accounts of the firm’s associates, he said.
“Part of the embezzled funds was also used for the purchase of real estate properties,” the ED alleged.
Mandeep Industries was a partnership between Ashish B. Talaviya, Kishorbhai Haribhai Vaishnani, Ramjibhai H. Gajera, Kalpesh P. Talaviya and Bhavesh Talaviya, he said.
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