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Enforcement Directorate attaches Rs 43 crore assets of Hyderabad firm | Hyderabad News
HYDERABAD: The Enforcement Directorate has provisionally attached immovable properties worth Rs 43 crore belonging to Sheetal Refineries Limited and its promoter Jitender Kumar Agarwal under the Prevention of Money Laundering Act for defrauding erstwhile State Bank of Hyderabad and Punjab National Bank.
The ED booked a case based on an FIR registered by the Central Bureau of Investigation for causing a loss of Rs 87 crore. ED investigation revealed that the accused promoters availed various credit facilities from SBH and PNB, Hyderabad, by submitting fabricated financial statements and invoices.
The ED alleged: “The accused got letters of credit (LCs) issued from lending banks in the name of related shell entities as if material is being purchased. LCs were discounted by the related entities and the money so received was routed back to the promoters of Sheetal Refinery.”
The company defaulted in payment of LCs on due date and caused loss to the banks, it alleged. Sheetal Refineries owes Rs 146 crore to the banks. “The diverted loan proceeds which are nothing but proceeds of crime were utilised for purchase of properties and to foreclose older loans and were not used for the stated purposes,” the ED further alleged.
The ED had earlier attached six immovable properties worth Rs 8.3 crore and five movable assets worth Rs 1.2 crore. Now, it attached 15 more assets worth Rs43 crore. The total value of assets attached is Rs 52 crore.
The ED booked a case based on an FIR registered by the Central Bureau of Investigation for causing a loss of Rs 87 crore. ED investigation revealed that the accused promoters availed various credit facilities from SBH and PNB, Hyderabad, by submitting fabricated financial statements and invoices.
The ED alleged: “The accused got letters of credit (LCs) issued from lending banks in the name of related shell entities as if material is being purchased. LCs were discounted by the related entities and the money so received was routed back to the promoters of Sheetal Refinery.”
The company defaulted in payment of LCs on due date and caused loss to the banks, it alleged. Sheetal Refineries owes Rs 146 crore to the banks. “The diverted loan proceeds which are nothing but proceeds of crime were utilised for purchase of properties and to foreclose older loans and were not used for the stated purposes,” the ED further alleged.
The ED had earlier attached six immovable properties worth Rs 8.3 crore and five movable assets worth Rs 1.2 crore. Now, it attached 15 more assets worth Rs43 crore. The total value of assets attached is Rs 52 crore.
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