Bank Loan Fraud: Archon Engicon's Rs77.28 Crore Assets Attached by ED
IANS 08 December 2022
The enforcement directorate (ED) on Thursday said that they have attached immovable properties worth Rs77.28 crore of Chandrashekhar Balkrushna Panchal of Archon Engicon Ltd and others in connection with a case under the Prevention of Money Laundering Act (PMLA) pertaining to bank loan fraud of Rs 265.64 crore.
The ED initiated money laundering investigation against Archon Engicon Ltd, Mr Panchal and others on the basis of two first information reports (FIRs) registered by the Centre Bureau of Investigation (CBI) EOB, Mumbai.
CBI had booked them under various Sections of the Indian penal code (IPC) read with Sections of Prevention of Corruption Act wherein it was alleged that Archon Engicon Ltd had defaulted in repaying the loans to State Bank of India, IDBI Bank and other consortium banks in a fraudulent manner, which caused an undue loss to the tune of Rs265.64 crore to the banks.
The ED conducted investigation which revealed that the firm was availing various loan facilities from SBI and other consortium banks and diverted the funds to various entities and to the personal accounts of the directors of the company.
"Now, the ED has traced and attached various properties held in the names of Archon Engicon Ltd and other related persons and attached immovable properties worth Rs77.28 crore," said the ED official.
Further investigations in the matter are on.
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