Loan fraud
NEW DELHI, Apr 25:Assets worth Rs 1.46 crore of a Himachal Pradesh-based company and its promoters have been attached by the Enforcement Directorate (ED) in connection with a money laundering probe linked to an alleged loan fraud case, the agency said on Saturday.
The attached assets comprise land and factory of Arvind Talwar Machine Tools Pvt Ltd located in Una district of Himachal Pradesh and movable properties of Sahil Gorwara who is the Director of Arvind Casting Pvt Ltd and Arvind Trade Links Pvt Ltd, it said in a statement.
The ED issued a provisional order for attachment under the Prevention of Money Laundering Act (PMLA).
The central agency slapped PMLA charges against the company and its directors after studying a state vigilance bureau and anti-corruption unit FIR filed against them.
Probe found, the ED alleged, that Gorwara “knowingly and intentionally prepared forged documents such as balance sheets, invoices and lorry receipts in name of companies owned by him and his family members.”
“He submitted these fake documents with Aditya Birla Finance Limited and illegally availed loan from the company.”
It claimed that “major amount” of the loan at Rs 7.95 crore was siphoned off by Gorwara after allegedly transferring the money to various fake firms/companies and by cash withdrawal. Probe in the case is continuing, it said. (PTI)
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