India News | ED Attaches Rs 27.54-cr Worth Properties of Snehal Enterprises, Viroo Mal Mulakh Raj Jain Rice Mills in Punjab
Get latest articles and stories on India at LatestLY. The Enforcement Directorate (ED) has attached immovable properties belonging to Snehal Enterprises and Viroo Mal Mulakh Raj Jain Rice Mills in the form of land, plant and machinery worth Rs 27.54 crore situated in Punjab's Amritsar district.
New Delhi [India], February 29 (ANI): The Enforcement Directorate (ED) has attached immovable properties belonging to Snehal Enterprises and Viroo Mal Mulakh Raj Jain Rice Mills in the form of land, plant and machinery worth Rs 27.54 crore situated in Punjab's Amritsar district.
The Jalandhar division of the federal agency attached the properties under the Prevention of Money Laundering Act (PMLA), 2002, following provisional attachment order dated February 28.
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The properties belong to Snehal Enterprises, Viroo Mal Mulakh Raj Jain Rice Mills Pvt Ltd and some individuals namely Nitin Jain, Neetu Jain and others, said the ED in a statement on Thursday.
ED initiated investigation on the basis of First Information Reports registered by the Central Bureau of Investigation (CBI) against Snehal Enterprises and others for cheating and committing bank fraud of value Rs 185.17 crore
The ED investigation revealed that the accused persons and entities sold and disposed off the stock lying at the premises of Snehal Enterprises, which was hypothecated with the bank, illegally without informing to the bank.
As per the agency, the entity siphoned off the loan amount to the account of Viroo Mal Mulakh Raj Jain Rice Mills Pvt. Ltd, its sister concerns, accounts of Snehal Enterprises and through cash withdrawals and used it for personal gains.(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)