New Delhi: The Enforcement Directorate (ED) on Thursday February 3 said that they have provisionally attached immovable properties having total value of Rs 9.08 crore belonging to the Directors and their family members of Cethar Ltd, in a PMLA case related to bank fraud of Rs 895 crore.
The ED had already seized movable properties of Rs 5.63 crore between July and December 2021.
The ED initiated money laundering investigation on the basis of the FIR lodged by the CBI, Banking Security and Fraud Cell, Bangalore in 2018 against directors of Cethar Ltd Trichy under various sections of the IPC.
ED’s investigation revealed that the Directors of Cethar Ltd, Subburaj and his brother N.K. Pothiraaj knowingly, with a criminal intent, siphoned off the loan amount sanctioned by the consortium of banks and acquired personal properties, jewellery and handed-over their assets to their family members.
The proceeds of crime (POC) in the case have been quantified at Rs 895.45 crore.
“The company is under liquidation for which proceedings are under process. These aspects of forgery have also been confirmed by the forensic reports,” said an ED official.
The official said that further investigation in the matter is underway.
