The Ahmedabad regional office of the Enforcement Directorate (ED) on Wednesday said it has on December 17 provisionally attached immovable assets worth Rs 19.37 crore of a local firm, M/s Hellios Tubealloys Pvt Ltd (HTPL), in a bank fraud case.
The properties attached under the provisions of PMLA include a commercial plot in Rajula in Amreli district and a residential flat in Ahmedabad.
In a statement on Wednesday, the ED said it had initiated its investigation on the basis of an FIR registered by the CBI office of ACB Gandhinagar, which was, in turn, lodged following a written complaint by the DGM of the bank’s Ahmedabad region. Baroda.
According to the FIR, the firm and its directors – Shantilal Sanghvi and Mahesh Sanghvi – allegedly defrauded the bank to the tune of Rs 28.54 crore. Later, the CBI filed the chargesheet on December 28, 2021.
The ED investigation found that the firm was incorporated with the intention of trading in “stainless steel” such as sheets, coils, plates, fittings and various types of stainless steel pipes and tubes, officials said. It is said that the bank has given a total loan facility of 296.7 million rupees to the company.
Further, it is alleged that out of the total amount of Rs.28.54 crores, Rs.14 crores were fraudulently spent in the name of a sister concern of M/s SLS Stainless Pvt. Further, M/s HTPL had taken a bank guarantee of Rs.4.50 crores, which was transferred due to non-performance. It is also alleged that the company misused the remaining amount of the loan for various payments like term loan repayment, BG fee, LC fee/LC discount fee, income tax payment.
In this way, it is alleged that the bank suffered a loss of 28 billion 54 crore rupees wrongly. However, the bank has recovered 5.64 billion rupees through the sale of mortgaged property and other measures. The rest of the banks are said to have suffered a loss of Rs 229 million. During the ED investigation, some immovable properties were identified in the name of sister of M/s HTPL, officials underlined. The ED issued a temporary attachment order on 17 December for these assets worth Rs 19.37 crore.
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