Hyderabad: The Directorate of Law Enforcement has a temporary non-moving properties worth RS 43 Crore owned by Refineries Sheetal Limited and the promoter of Jitender Kumar Agarwal under the prevention of money laundering laws to deceive the National Bank of Hyderabad and Punjab.
Ed posted a case based on FIR registered by the Central Investigation Bureau to cause RS 87 Crore losses.
Investigation Ed revealed that the defendant’s promoter used various credit facilities from SBH and PNB, Hyderabad, by sending financial reports and invoices made.
Ed accused: “The accusation of getting a credit (LCS) issued from the loan bank on behalf of the relevant Shell entity as if the material was being purchased.
LCS was founded by the relevant entity and the money received was redirected back to the sheet refinery promoter.” The company failed to pay LCS on The due date and causes bank losses, allegedly.
The sheet refinery owes Rs 146 Crore to the bank.
“The results of diverted loans are none other than the result of a crime used for property purchases and to confiscate older loans and not be used for the purposes stated,” alleged ED further.
ED Previously attached six non-moving properties worth 8.3 crore and five mobile assets worth RS 1.2 Crore.
Now, it attaches 15 more assets worth RS43 Crore.
The total asset value attached is Rs 52 Crore.