The Enforcement Directorate (ED) has attached assets worth Rs 57.45 crore in a bank fraud case against Atlas Jewellery Private Limited and its top executives MM Ramachandran and Indira Ramachandran under the Prevention of Money Laundering Act (PMLA), according to sources.
Gold, silver, diamond jewelleries, silver articles, bank balances, fixed deposits, and other immovable properties are among the assets attached. The ED initiated an investigation into money laundering when the Kerala Police filed a FIR against Atlas Jewellery, MM Ramachandran, and Indira Ramachandran for cheating the South Indian Bank’s Kerala branch.
The ED claims that between March 21, 2013 and September 26, 2018, the accused defrauded South Indian Bank by submitting fake documents to obtain a loan of Rs 242.40 crore for business purposes, which he then failed to repay.
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