NEW DELHI: In an ongoing probe into a bank fraud case, the Directorate of Enforcement (ED) has provisionally attached M/s. Atlas Jewellery Private Limited assets worth Rs. 57.45 crore under the Prevention of Money Laundering Act (PMLA), 2002.
According to an official statement, issued to the media, the attached assets of M/s. Atlas Jewellery Private Limited, M.M. Ramachandran, Indira Ramachandran and others consist of gold, silver and diamond jewellery and amounts deposited in bank accounts and fixed deposits as also immovable properties.
An official statement said the investigation was started by the agency on the basis of an F.I.R. registered by the Kerala Police against M/s. Atlas Jewellery, M.M. Ramachandran and Indira Ramachandran under relevant sections of IPC, 1860 for duping of South Indian Bank, Round South Branch, Thrissur in Kerala.
As the money-laundering investigation has revealed, the accused during the period from 21.03.2013 to 26.09.2018 cheated South Indian Bank, Round South Branch at Thrissur in Kerala.
"With an intention to cheat, the accused planned and presented forged documents to the bank and availed loan worth Rs 242.40 crore for business purposes and have not repaid the money, which is nothing but proceeds of crime", the ED stated in a statement.
Earlier, on the basis of information gathered from reliable sources to the effect that M.M. Ramachandran had invested Rs 100 crore by way of purchase of Equity Shares of M/s. Atlas Jewellery India Limited (AJIL), New Delhi and another Rs 14 Crore in the escrow account with Axis Bank in New Delhi, ED had carried out search operations at the business premises and bank lockers of M/s. Atlas Jewellery India Limited (AJIL) under PMLA, 2002 at Mumbai and Bengaluru.
In it, the agency made a total seizure of Rs 12.59 crore in the form of Indian currency, gold, silver and diamond jewellery.