The Law Enforcement Directorate said on Tuesday it had tied up 67 windmills worth over Rs 51 crore as part of a money laundering investigation against the Surana Group based in Chennai linked to an alleged Rs 3,986 crore bank loan fraud.
The federal agency issued an interim order under the Prevention of Money Laundering Act to tie up the windmills.
The action was taken after it was found ”that 67 Surana Group windmills, which were being auctioned off by banks to recover their dues, were again purchased in the name of a Benami company. ”The windmills and the land on which they are situated are worth a total of Rs 51.69 crore, the agency said in a statement.
However, he did not specify where these windmills are located.
Another set of real estate properties worth Rs 61.63 crore of Ramlal Jain, who ‘merged’ proceeds of crime into his usual business, was also attached under the same order, it said. he declares.
The total value of the seizure of properties under this order stands at Rs 113.32 crore, he said.
The ED, last month, had arrested four people in this case including two promoters of Surana Group and two alleged directors of front companies.
Among them were Dinesh Chand Surana and Vijay Raj Surana, both managing directors and promoters of Surana Industries Limited, Surana Power Ltd and Surana Corporation Ltd, and P Anand and I Prabhakaran, dummy directors of front companies.
They are currently in custody.
The money laundering investigation stems from three CBI FIRs filed against the accused in 2020 which alleged that these three companies, together with their promoters, directors and unknown persons, engaged in criminal embezzlement and breach of trust, to the manipulation of books of accounts through fictitious entities, and the channeling of funds through fictitious (fictitious) companies.
The CBI complaint accused the defendant of siphoning funds from the company’s accounts for their earnings, causing a loss of Rs 3,986 crore to public sector banks.
The Surana group is in the manufacture and sale of gold jewelry.
The ED alleged that the defendant ‘created a network of shell companies and that the shell directors of these shell companies were either relatives/people from the ancestral village of the Surana family or employees of the Surana group of companies. ” ” The transactions of the three main companies of the group were routed through these shell / shell companies and subsequently the funds were diverted for other purposes including the purchase of properties by stratification and also obtained benami properties in the name of these shell companies,’ the agency said.
The Surana business/developer group incorporated several companies in the Cayman Islands as well as the British Virgin Islands in the name of ‘dummy’ directors and siphoned off money to park in these companies through four companies “dummy” located in Singapore. , it said.
(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)