New Delhi [India], Aug 24 (ANI): The Enforcement Directorate (ED) has attached movable assets worth Rs 19.22 crores of M/s. Era Infra Engineering Limited (EIEL) under the Prevention of Money Laundering Act, 2002 (PMLA) in a bank fraud case.

"ED has attached movable asset amounting to Rs 19.22 crores of M/s. Era Infra Engineering Limited (EIEL) under Prevention of Money Laundering Act, 2002 (PMLA) in a bank fraud case. The attached asset is in the form of the balance lying in a bank account of EIEL maintained with Axis Bank," ED said in an official release.

Also Read | SSR Case: Subramanian Swamy Claims a 'Dubai Compliant Drug Dealer' Met the Actor on the Day of His Death (Read Tweet).

Investigations under PMLA revealed that the sanctioned loan amounts were disbursed and utilized in a manner defying the sanctioned purpose. Out of Rs 450 crores disbursed by UCO Bank, an amount of Rs 211 crores and Rs 25 crore were utilized for purposes beyond the purview of the sanctioned terms. The total amount diverted by EIEL comes to Rs 236 crores out of the term loan of Rs 450 crores, it added.

Added to it is the amount of Rs 14.7 crores diverted from the sanctioned amount of Rs 200 crores and thus the total amount diverted by EIEL comes to Rs 250.7 crores, which qualifies as "Proceeds of Crime" in this case.

Also Read | Manohar Lal Khattar, Haryana Chief Minister, Tests Positive for Coronavirus.

Out of the total Proceeds of the crime of Rs 250.70 crores, assets valued at Rs 5.72 crores and Rs 33.71 crores were provisionally attached under PMLA earlier.

Now including this attachment of Rs. 19.22 crores, the total value of the attached assets so far is Rs 58.65 crores. Further investigation is under progress. (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)