STOCK MARKET BSE NSE

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-

By PTI

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.

Stay up to date on all the latest Chennai news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp