Ahmedabad / Vadodara: Kalpesh Patel from Kemrock Industries Ltd.
(Kiel) landed more problems with the Directorate of Enforcement attaching its assets worth Rs 57.23 Crore in connection with loan fraud cases.
Ed on Friday tweeted from his official account and stated the attachment of the property under the prevention of money laundering law, 2002.
Kiel was used to produce fiber composite reinforced for aircraft and defense materials.
Patel, MD Kiel, is considered a blue-eyed boy from the world of the company after the former president, APJ Abdul Kalam inaugurated the plants of the company in Jalan Halol in 2010.
But the company experienced problems in 2014, when Ed recorded money laundering.
case against Kiel.
The company was accused of default on Rs 140 Crore loans taken from private banks between 2007 and 2011.
Ed said in his complaint that 40 companies to whom Kiel sold the product seemed to be false.
Kiel closes in 2016, but the company acquired by Reliance Industries Ltd.
(RIL) via e-Auction in 2017.
Kiel was also accused of transferring loans for expansion to buy land worth Rs 250-300 Crore on Seg of Sterling Industry in Jambusar.
Allahabad The bank registered the Cemara RS 443 Crore who was cheating against Patel.
Patel was also ordered in the case of another cheating with Crores Rupee and was captured by Prevention of Crime Branch (PCB) in 2019.