look news india
Mumbai, September 12 (HS). The Enforcement Directorate (ED) has attached assets worth Rs 43.52 crore in the bank fraud case related to Ushdev International. The attached properties include land, buildings and money lying in fixed deposits in bank accounts.
ED sources said on Thursday that M/s Ushdev International Limited [यूआईएल] The properties have been attached under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 in a bank fraud case by PM Modi and others. ED officials said that the ED has attached the properties under the provisions of the Central Bureau of Investigation (CBI). [सीबीआई]Bank Security and Fraud Sector [बीएस और एफसी] The investigation was initiated based on an FIR registered by the Branch, Mumbai under various sections of the Indian Penal Code, 1860 and the Prevention of Corruption Act, 1988 in a case of bank fraud of Rs 1,438.45 crore.
According to ED, investigation revealed that the funds given to M/s UIL as loans by several banks were diverted to various entities under the guise of advances and unsecured loans. Later, after traversing through several bank accounts, the said funds were finally transferred to India based companies in which foreign subsidiaries of M/s UIL are major shareholders. These subsidiaries were controlled and managed by the directors and major shareholders of M/s UIL. Further, M/s UIL was given fund based and non-fund based credit facilities from several banks and out of the said funds given by the banks, majority of the funds were diverted by M/s UIL to several foreign entities incorporated by its directors, promoters or shareholders, an ED official said. During the investigation, assets worth Rs 43.52 crore located in India belonging to the directors and shareholders of M/s UIL and their group of companies were identified, which have been provisionally attached under Section 5 of the PMLA, 2002.