An Ahmedabad-based company’s assets worth over ₹56 crore have been attached in connection with a bank fraud and money laundering case, the Enforcement Directorate (ED) said on Saturday.
The agency issued a provisional order for attachment of 37 immovable properties of Sai Infosystems I (SIS) Ltd and others under the Prevention of Money Laundering Act (PMLA).
“The attached assets include plots and a farm house, various commercial and residential properties in Gujarat and adjoining areas owned by SIS, Atrium Infocomm Pvt Ltd and Sujyot Infrastructure Pvt Ltd (group companies of SIS) and others,” the ED said in a statement.
The total value of the freezed assets is ₹56.21 crore.
Investigation revealed that SIS and its CMD Surendra Kumar Kakkad availed credit facilities and loans from a consortium of banks led by the State Bank of India on the basis of false and fabricated documents, the agency alleged.
“SIS diverted the said loan proceeds for purposes other than specified in the loan application and acquired various immovable assets in the name of its group companies and relatives and thereby, caused financial loss to the tune of about ₹867 crore to the consortium of banks as the outstanding loan amount became non-performing asset,” the ED said.
Mr. Kakkad had incorporated various shell companies and these firms were used for layering of money and for purchase of various immovable properties, the agency alleged.
He and an other director of the company, Rajeev Gupta, have been arrested by the ED in this case.
The agency filed a criminal case of money laundering against him last year after going through a 2015 FIR of the CBI in connection with an alleged bank loan fraud case.
