ED raids 10 location linked to Parekh Aluminex Ltd, attaches assets worth Rs 46.97 cr
Enforcement Directorate has conducted searches at 10 locations of Parekh Aluminex Limited and its promoters in Mumbai in a bank fraud case.
The agency also attached assets worth 46.97 crore rupees under the Prevention of Money Laundering Act.
The case relates to the diversion of the loan amounts taken by accused for manufacturing purpose to non manufacturing related activities with an intention to defraud the banks and to get personal benefits for them and their associates.
Investigation conducted so far has revealed that the loan amount was further illegally siphoned off to various entities amounting to over 1500 crore rupees.
The CBI has registered 6 FIRs against the firm for defrauding Indian Overseas Bank and others.