Investigations conducted so far have revealed that the loan amount was further illegally siphoned off to various entities amounting to Rs. 1557.45 Cr. (approx.)
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The Enforcement Directorate(ED) conducted searches on Wednesday at 10 locations of Parekh Aluminex Ltd and its promoters in Mumbai in under provisions of Prevention of Money Laundering Act, 2002 (PMLA) in a bank fraud case.
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Simultaneously, ED has initiated the process of Provisional Attachment of Proceeds of Crime. The first attachment of an open land parcel of 47.39 acres in an urban area in the outskirts of Hyderabad with a registry value of Rs 46.97 crore has been made.
Also Read: ED raids multiple locations in fraud case that cost Pune bank loss of Rs 293 crore
Investigations made under PMLA against Parekh Aluminex Limited have revealed diversion of the loan amounts taken by the accused in order for manufacturing purposes to non-manufacturing related activities with an intention to defraud the banks and gain personal benefits for them and their associates. Investigations conducted so far have revealed that the loan amount was further illegally siphoned off to various entities amounting to Rs. 1557.45 Cr. (approx.)
Parekh Aluminex Ltd., a Public Ltd Company is engaged in manufacturing and export of aluminium foil containers and aluminium foil rolls. The CBI has registered 6 FIRs against Parekh Aluminex Limited for defrauding Indian Overseas Bank and others involving a total amount of Rs. 2297 Cr. (approx.).
Also Read: Mumbai Crime: Man in connection with money laundering case of Rs 500 crore surrenders
EOW, Mumbai had also registered two FIRs for defrauding Federal Bank and Axis Bank involving a total amount of Rs. 390 Cr. (approx)
Further investigation in the case is under progress.
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