Bank loan fraud: ED attaches Rs 10 cr assets of TN firm

Chennai, Aug 19 (PTI) Enforcement Directorate hasattached assets worth over Rs 10 crore of a Tamil Nadu-basedfirm in connection with its money laundering probe in analleged bank loan fraud estimated at Rs 50 crore. The agency said it has attached seven immovable assets ofMs ARI Fabrics Private Limited in the Dindigul district of thestate under the provisions of Prevention of Money LaunderingAct after it registered a case based on an earlier CBI FIR. The Enforcement Directorate said the case pertains to oneG Srinivasan of Pamba Spinning Mill Private Ltd in Tiruppurdistrict who had allegedly defrauded Ms Global Trade FinanceLimited (now SBI Global Factors Limited) to the tune of Rs 50crore by furnishing "fabricated collateral securities andavailing bill discounting in the name of fictitious firms." "The said funds were invested in purchase of variousproperties. The investigations revealed that a part of theproceeds of crime has been invested in acquiring Ms ARIFabrics Private Limited. Accordingly, properties valued at Rs10.7 crore were attached provisionally under PMLA," it said. With the latest order, it said, the total attachments inthe case stand at 31.2 crore. An attachment order under PMLA laws is aimed to deprivethe accused from obtaining benefits of their allegedill-gotten wealth and the accused parties can appeal againstthe order before the Adjudicating Authority of the said Actwithin 180 days ED is probing a number of bank defualt cases across thecountry including the high-profile ones involving KingfisherAirlines (KFA) and Winsome Diamonds firm among others. PTI NESRGMVV