ED Attaches Rs 2.20 Crore of Chennai Retailer

Published: 10th December 2015 05:12 PM  |   Last Updated: 10th December 2015 05:12 PM   |  A+A-


CHENNAI: In continuing action against money laundering, the Enforcement Directorate has attached Rs 2.20 crore of an electronics retailer who availed Rs 10.77 crore as loan from a public sector bank by allegedly providing forged documents.

City-based Kannya Electronics had cheated Union Bank of India by producing forged documents and obtaining loan of Rs 10.77 crore, the ED said in a release.

The company and its Managing Director were chargesheeted by Central Bureau of Investigation officials, Bengaluru, under the Prevention of Corruption Act, ED Joint Director K S V V Prasad said.

The case was taken up by the ED and investigations revealed that part of proceeds of the crime were deposited in a bank account.

The Directorate attached Rs 2.20 crore pertaining to Kannya Electronics as it was part of the crime and further investigation was on, he added.

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