New Delhi: The Enforcement Directorate (ED) on Thursday said it has attached immovable properties of Saravana Stores (Gold Palace) in Chennai amounting to Rs 66.93 crore in connection with a money laundering case for defrauding Axis Bank.
The ED initiated the probe under PMLA on the basis of an FIR registered by the Central Criminal Branch, Chennai.
“It is alleged that late Shri Pallakudurai, P. Sujatha and YP Shiravan Partners of Saravana Stores (Gold Palace) with the criminal intention approached Axis Bank to cheat it. PMLA investigation revealed that Saravana Store (Gold Palace) Chennai availed loan on the basis of forged and fabricated documents,” the ED said.
Investigation revealed that the accused overstated the inventory, used the OCC limits to repay the loan availed from other financial institutions (banks/NBFCs), and thus misappropriated and diverted the funds for which it was not sanctioned, and committed other irregularities and thereby, the said accused persons and firms cheated the bank.
The accused firm generated Proceeds of Crime amounting to Rs 81.66 crore out of criminal activities out of which Rs 66.93 crore has been attached now.