New Delhi: The Enforcement Directorate (ED) has attached Rs 34.47 crore properties of a Gujarat-based company under the Prevention of Money Laundering Act (PMLA) in a bank fraud case.
The attached properties included land, plant, and machinery owned by KGN Enterprise and Sailani Agrotech Industries in Gujarat’s Kheda district and residential property of Arif Ismailbhai Memon in Ahmedabad.
The ED had registered a case against Biotor Industries and its Managing Director Rajesh M. Kapadia and others on the basis of one FIR each registered by the Gujarat Police and the CBI.
During the investigation, it was revealed that the accused had misappropriated Rs 250 crore by preparing bogus bills and invoices in 2007-09.
Memon, the owner of KGN Group of companies, was instrumental in preparing the circular paper transactions for transferring proceeds of crime in connivance with Kapadia and others.
“By adopting the fraudulent methods, Memon parked Rs 62 crore proceeds of crime in the accounts of KGN Group of companies and subsequently layered and siphoned it.
Earlier, the ED had attached Rs 149.10 crore immovable properties of Biotor Industries and others and filed a charge-sheet.