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Enforcement Directorate attaches assets worth ₹43.25 crore in bank fraud case

The Enforcement Directorate has attached assets worth ₹43.25 crore of Sheetal Refineries Limited and its promoter for allegedly cheating the State Bank of Hyderabad and the Punjab National Bank of about ₹87 crore.

The ED probe is based on a case registered by the CBI alleging that the company’s promoters submitted forged statements and invoices to get various credit facilities from the two banks. They got issued Letters of Credit (LCs) in the name of related shell entities which were discounted and the money so received was routed back to the promoters of Sheetal Refinery.

Sheetal Refineries owes ₹146 crore to the banks. The diverted loans were used for acquiring properties and to foreclose previous loans, as alleged.

The ED had earlier attached six immovable properties with a registered value of ₹8.30 crore and five movable assets worth ₹1.23 crore.


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Printable version | May 20, 2022 12:53:54 pm | https://www.thehindu.com/news/national/enforcement-directorate-attaches-assets-worth-4325-crore-in-bank-fraud-case/article38334146.ece