Business News | ED Attaches Assets of SKS Ispat and Power Worth Rs 518 Crore in a Bank Fraud Case
Get latest articles and stories on Business at LatestLY. The Directorate of Enforcement (ED) has provisionally attached assets, including both movable and immovable, worth Rs 517.81 crore of SKS Ispat and Power Ltd.
New Delhi [India], June 28 (ANI): The Directorate of Enforcement (ED) has provisionally attached assets, including both movable and immovable, worth Rs 517.81 crore of SKS Ispat and Power Ltd.
The assets which were attached were in the form of land, buildings, plants. This action was in connection with a bank fraud case involving Rs 895.45 crore of M/s. Cethar Ltd.
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ED in a release said it initiated an investigation on the basis of an FIR registered by CBI, BSF Cell, Bangalore against Cethar Ltd., a boiler manufacturing company based in Trichy, Tamil Nadu.
"Cethar Ltd. availed credit facilities to the tune of Rs. 895.45 Crore from a consortium of lenders led by Indian Bank, SAM Branch, Madurai. The company accounts turned NPA on 31.12.2012 and subsequently proceedings under the IBC were initiated before NCLT, Chennai in 2017. Investigation under PMLA was initiated in 2019. Searches were conducted at the premises of the Director of the company and immovable property and jewellery worth Rs 9.08 Crore was attached in 2022," ED said.
ED said further investigations revealed Rs 565 crore that was kept off the books in addition to Rs 228 crore written off as a loss on the sale of investments. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)