ED probe reveals that the 3 companies of Surana Group have defrauded banks by floating a web of shell companies
On Wednesday the Enforcement Directorate (ED) said it has attached 78 immovable properties and 16 movable properties valued at Rs.124 crore, which were in the possession of various persons and entities linked to the Chennai-based Surana Group of Companies.
The ED had earlier attached properties valued at Rs.124.95 crore in this regard. Now, the total attachment in the case stands at Rs.248.98 crore.
The action was taken in connection with three cases of bank fraud involving Rs.3986 crore of principal outstanding amount to the public sector banks.
The ED initiated a money laundering investigation based on three FIRs lodged by the CBI against Surana Industries Limited, Surana Power Limited and Surana Corporation Limited, and others.
The ED investigations have revealed that these three companies of the Surana Group have defrauded the banks by floating a web of shell companies wherein they appointed their employees and relatives as Directors, Proprietors, and Partners and indulged in paper transactions with them without actual movement of goods.
The credit capital of the banks was layered to the personal accounts of the promoters of the company by projecting the bank funds as unsecured loans from their associate shell companies. The same funds were then subsequently infused in the main group companies as part of the promoter’s contribution to enhance the drawing power limits.
The ED said that some of the diverted funds were used to purchase movable and immovable properties in the names of various benami companies. These actions of the promoters and officials of the Surana Group led to the accounts becoming irregular which ultimately led to the accounts becoming NPA.
“Based on the investigations conducted, Dinesh Chand Surana, MD of Surana Industries Limited and Surana Power Ltd, Vijay Raj Surana, MD of Surana Corporation Limited, and two dummy directors of shell companies, P Anand and I Prabhakaran, were arrested on July 12, 2022,” said the ED.
The ED has also filed the prosecution complaints in this regard. Further investigation in the matter is on.
[With Inputs from IANS]
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