ED attaches Rs 21 crore assets of 3 firms in Bhubaneswar

The Enforcement Directorate (ED) has attached assets amounting to Rs 21.19 crore of three companies and their directors for allegedly cheating Central Bank of India in .
Image used for representational purpose only. (Photo | PTI)
Image used for representational purpose only. (Photo | PTI)

BHUBANESWAR: The Enforcement Directorate (ED) has attached assets amounting to Rs 21.19 crore of three companies and their directors for allegedly cheating Central Bank of India in Bhubaneswar.

Sources said the central agency has attached immovable and movable assets of ARSS Damoh-Hirapur Tolls private limited, ARSS Infrastructure projects limited, Anil Contractors private limited and their directors. The attached assets include immovable property worth Rs 11.82 crore and bank balances to the tune of Rs 9.37 crore. The directors of the three firms are accused of cheating the Central Bank of India in the capital city to the tune of Rs 22.42 crore.

Sources said ED had launched an investigation under the Prevention of Money Laundering Act (PMLA) after the CBI office in Kolkata had registered a case and filed the chargesheet against ARSS Damoh-Hirapur and others for misappropriating the loan amount.

During investigation, the ED established that ARSS had availed the loan to execute the construction work of Damoh-Hirapur road project in Madhya Pradesh. However, it failed to complete the work on time for which the agreement was terminated by Madhya Pradesh Road Development Corporation limited.

A term loan amounting to `56.29 crore was disbursed in favour of ARSS Damoh-Hirapur during 2011-2012. The accused allegedly diverted the loan amount to regularise irregular cash credit loan account of ARSS Infrastructure in State Bank of India’s commercial branch here. The loan amount was even diverted to other bank accounts of ARSS Infrastructure and Anil Contractors. 

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