In connection with a case against Mandeep Industries in Gujarat, the Enforcement Directorate (ED) attached immovable property worth Rs 16 crore. This was done in accordance with the Prevention of Money Laundering Act (PMLA), 2002. According to a preliminary investigation, the entity fraudulently defaulted on loan repayments to Union Bank of India.
Ashish B. Talaviya, Kishorbhai Haribhai Vaishnani, Ramjibhai H. Gajera, Kalpesh P. Talaviya, and Bhavesh Talaviya are partners in the business. These assets include immovable property, such as Rajkot, Gujarat, residential apartments and plots, commercial land and buildings, and plant and machinery.
Based on the FIR that the Central Bureau of Probe (CBI) in Mumbai had filed, the ED started a money laundering investigation. After conducting investigations in accordance with the PMLA, officials found that a loan default resulting in an excessive loss to the bank of Rs. 44.64 crore.
In response, the ED started an investigation, which turned up evidence that the company had been using many credit options from Union Bank of India while diverting the money to a variety of fake entities. Similarly, to the firm’s partners’ personal accounts.
A portion of the money that was stolen was also used to purchase property. The matter is currently the focus of more investigation.
Post Your Comments