Bhopal (Madhya Pradesh): Directorate of Enforcement (ED), Bhopal Zonal has provisionally attached an immovable property on situated at NH-12, Misrod, Bhopal valued at ₹27.30 Crore under the provisions of Prevention of Money Laundering Act (PMLA), of M/s Ranjeet Automobiles and Others, on Tuesday, said officials here on Wednesday.
The ED initiated its probe based on an FIR registered by the CBI, STB, Bhopal, under various sections of the IPC, 1860. Following the investigation, the CBI filed a charge sheet against several individuals involved in the case.
ED investigation revealed that the accused persons defrauded a nationalised Baroda to the tune of Rs 34.36 Cr by availing a Cash Credit Limit.
Investigation revealed that initially the accused persons availed a cash credit limit of Rs. 7.50 Crore in the year 2010 by using mala fide tactics. The said limit was gradually increased to Rs. 42 Crore in the year 2015.
The probe further revealed that instead of utilising the funds for genuine business activities, the accused diverted them to sister concerns. These diverted funds were then used for acquiring the attached property and repaying loans taken for its development, officials added.
