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Enforcement Directorate Attaches Properties worth Rs 1 Cr

The ED probe was launched after the CBI filed a charge-sheet against the company.

Published: 05th April 2016 05:01 AM  |   Last Updated: 05th April 2016 05:10 AM   |  A+A-

CHENNAI: The Enforcement Directorate (ED) has attached three immovable properties worth `1 crore belonging to the directors of Spinning Mill Maruvoor Arasi Textiles Private Ltd, in a bank fraud case under the Prevention of Money Laundering Act, 2002 .

The ED probe was launched after the CBI filed a charge-sheet against the company, its directors for fraudulently availing financial assistance by declaring fake firms as customers and causing loss to the financial institution, according to ED joint director KSVV Prasad.

Prasad said that the spinning mill in Udumalaipet availed credit from institutions such as HSBC Bank, Canara Bank and SBI Global Factors fraudulently.

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