The utilisation of funds, as claimed by the said Tayal group of companies were found to be fictitious. From the trail of funds, it is abundantly clear that the said funds were laundered through its group companies.
Assets worth Rs 483 crore of a Kolkata-based group have been attached by the ED in connection with an alleged multi-crore bank loan fraud case, officials said Tuesday.
They said the agency has issued a provisional order, under the Prevention of Money Laundering Act (PMLA), for attachment of properties of the Tayal group of companies.
Sources said the group had availed loans of Rs 524 crore from the Bank of India and Andhra Bank in 2008 which was allegedly defrauded by it using a "maze of shell or illegal companies."
This is the second PMLA case against the Tayal group as it was already being probed by the agency for alleged loan fraud against UCO Bank and assets worth Rs 234 crore of the business group were attached by it in 2016.
The agency has also filed a charge sheet in the UCO Bank case before a special PMLA court in Kolkata.
The ED had taken over the case against the Kolkata based group on the basis of a CBI FIR.
"During investigation, it was revealed that the said companies under the umbrella of Tayal group of companies, represented by promoter Praveen Kumar Tayal, were involved in large scale fraud perpetrated on several nationalised banks across the country.
"During investigations, it was revealed that the funds received from the banks by the said Tayal group of companies for specific purpose were siphoned off through a maze of fictitious companies and from there to unknown destinations," the ED had earlier said.
The utilisation of funds, as claimed by the said Tayal group of companies were found to be fictitious. From the trail of funds, it is abundantly clear that the said funds were laundered through its group companies, it said.
"Nevertheless, the said Tayal group of companies despite having a large amount of liabilities to banks, acquired a number of properties and also placed huge amounts in bank accounts, which are believed to represent the value of the proceeds of crime," it said in 2016 while describing the modus operandi of the alleged fraud.
