ED attaches Rs 268.66 crore assets in bank fraud case
Pertaining to a bank fraud case, the Enforcement Directorate (ED) has provisionally attached assets worth Rs.268.66 crore of Agnite Education Limited (earlier Teledata Informatics Limited), Teledata Marine Solutions Limited, and its subsidiaries under the provisions of the Prevention of Money Laundering Act (PMLA).
The firms are Chennai-based and had purchased movable and immovable assets in Bangladesh, Thailand, and Austria by diverting the loan account.
ED said in a statement that the investigations that were carried out revealed that Agnite Education Limited and Teledata Marine Solutions Limited availed various credit facilities from the State Bank of India and defrauded the bank to the tune of Rs.479 crore.
The companies fraudulently acquired movable properties in the form of five LPG carrier ships, one oil tanker, and bank balances abroad by making sham investments, related party transactions to inflate balance sheets for availing bank loans, and expenses for siphoning and diverting funds for promoters benefit.
Officials from the ED said, “Agnite Education Limited, Teledata Marine Solutions Limited, and its subsidiaries fraudulently acquired movable properties in the form of five LPG Carrier Ships, one Oil Tanker and bank balances abroad by making sham investments, related party transactions to inflate balance sheets for availing bank loans and expenses for siphoning and diverting funds for promoters’ benefit.”
The ED official further said, “In order to prevent the sale of the said properties, which are proceeds of crime and to prevent the frustration of further proceedings under PMLA, 2002, movable assets (in the form of shares, carrier ships & bank balances) to the tune of Rs.268.66 crore of Agnite Education Limited and Teledata Marine Solutions Limited and associate companies have been provisionally attached.”
[With Inputs from IANS]
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