CHENNAI: The Directorate of Enforcement (ED) has provisionally attached 78 immovable properties and 16 movable properties worth Rs 124 crore in the possession of various persons and entities linked to the Chennai-based Surana Group of Companies in connection with three cases of bank fraud involving Rs 3,986 crore of principal outstanding amount to the public sector banks.
The investigation into money laundering was initiated on the basis of three FIRs by the CBI, Bengaluru, registered against Surana Industries Limited, Surana Power Limited and Surana Corporation Limited. Investigations revealed these three companies of the Surana Group have defrauded the banks by floating a web of shell companies.
Based on the investigations conducted, Dinesh Chand Surana, managing director of Surana Industries Limited and Surana Power Ltd, Vijay Raj Surana, managing director of Surana Corporation Limited and two dummy directors of shell companies -- P Anand and I Prabhakaran, were arrested on July 12, 2022, and were sent in judicial custody.