New Delhi, Mar 28 (PTI) Assets worth Rs 90.31 crore of a Gurugram-based Educomp Group company have been attached under the anti-money laundering law in connection with an alleged bank loan fraud case, the Enforcement Directorate (ED) said on Monday.

A provisional order for attachment of the properties has been issued under the Prevention of Money Laundering Act (PMLA) against Educomp Professional Education Ltd, a group company of the Educomp Group, it said in a statement.

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"Edu Smart Services Pvt. Ltd. diverted bank loan funds to the tune of Rs 90.31 crore and through web of transactions created assets at Ranga Reddy district in Telangana in the name of sister concern of Educomp Professional Education Ltd," the ED said.

"This amount of Rs 90.31 crore, in the form of parcels of land and rent, is proceeds of crime and was accordingly attached as per provisions of the PMLA," it said.

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The total "default" in loan repayment causing wrongful loss to the lending banks is to the tune of Rs 1,955.36 crore in this case.

The ED case of money laundering against the group stems from an FIR filed by the Central Bureau of Investigation (CBI) against the accused company and its promoters.

The group was promoted by IIM Ahmedabad passout Shantanu Prakash and it is undergoing corporate insolvency resolution process.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)