New Delhi: The Enforcement Directorate (ED) on Saturday attached assets worth Rs 57.45 crore against Atlas Jewelery Pvt Ltd and its directors MM Ramachandran, Indira Ramachandran and its directors in connection with a money laundering probe related to the Rs 242 crore bank fraud case. Of. Other.
According to an ED official, the attached assets include gold, silver and diamond jewellery, silver articles, money lying in bank accounts, bank fixed deposits and immovable properties.
The money laundering probe was initiated on the basis of an FIR registered by the Kerala Police against Atlas Jewelery and Ramachandran under various sections of the IPC for allegedly defrauding South Indian Bank, Round South Branch, Thrissur, Kerala.
During the course of investigation, the investigating agency came to know that during the period from 2013 to 2018, the suspects cheated the South Indian Bank (SIB) on the pretext of taking loans.
“With an intention to cheat, he planned and submitted forged documents with the bank and took loan of Rs 242.40 crore for business purposes. But he did not repay the loan. It was used to create wealth in the form of property and jewellery. The confiscated property is nothing but the proceeds of the crime.
Earlier, based on information received from a reliable source, it was revealed that Ramachandran had invested Rs 100 crore through purchase of equity shares of Atlas Jewelery India Limited (AJIL), New Delhi and another Rs 14 crore in an escrow account. did. axis Bank.
The ED had conducted searches at the business premises and bank lockers of Atlas Jewelery India Limited (AJIL) in Mumbai and Bengaluru.
“At that time we had seized Rs 12.59 crore in the form of Indian currency, gold, silver and diamond jewellery,” the official said.
Further investigation is on in the matter.