Nagpur: The Enforcement Directorate (ED) on Tuesday attached immovable properties consisting of commercially diverted land of 27,0374 square feet along with Empress mall in Nagpur worth Rs 483crore of M/s KSL & Industries Ltd, Mumbai under Prevention of Money Laundering Act, 2002(PMLA) in bank fraud case. M/s KSL & Industries Ltd ,Mumbai is one of the group company of Tayal group of Companies.
ED initiated investigations under the PMLA on the basis of three FIRs of CBI (B&FC) against three different companies of Tayal group of Companies viz. M/s. Actiff Corporation Ltd, M/s. Jaybharat Textiles & Real Estate Ltd, M/s. KKTL and M/s. Eskay Knit (India) Ltd for cheating and fraudulently availing loans to the amount of Rs 524 crore from Bank of India and Andhra Bank during the year 2008.
In a press release issued by the ED it has been stated that investigation under PMLA revealed that during the year 2008, M/s. Actiff Corporation Ltd, M/s. Jaybharat Textiles & Real Estate Ltd, M/s. KKTL and M/s. Eskay Knit (India) Ltd of Tayal group availed loans of Rs 524 crore by defrauding Bank of India and Andhra Bank and further diverted the funds through maze of shell companies. It was also revealed that for the purpose of money laundering, they had created a maze of shell companies, which were used for routing the diverted funds.
Funds were routed through these shell companies to the companies of Tayal group and used up for creation of assets in the name of M/s KSL& Industries Ltd , Mumbai. These immovable property of Empress Mall in at Nagpur having value of Rs 483 crore has been provisionally attached being proceeds of crime and are involved in money laundering, the press release says.
Earlier, in another similar case involving UCO Bank, properties worth Rs234 crore of Tayal group was also attached. Total attachment is worth Rs 717 crore, says the press release.
It may be recalled that Tayal group of companies, promoted by one of the family members of Pravin Kumar Tayal, was resorting to siphoning off funds obtained from UCO Bank and the accounts became NPA. Money trails of the same were identified and prime properties in Mumbai having market value of Rs 234 crore were also attached under PMLA.
A complaint has also been filed before the special court under PMLA for commission of offence under section 3 of PMLA.