Left Menu
Development News Edition

Bank loan fraud: ED attaches Rs 18.5-cr assets in Chandigarh

PTI | New Delhi | Updated: 19-05-2020 19:31 IST | Created: 19-05-2020 19:31 IST
Bank loan fraud: ED attaches Rs 18.5-cr assets in Chandigarh

The Enforcement Directorate has attached assets worth Rs 18.5 crore, including over two dozen plots and some SUVs, in connection with a money laundering probe linked to an alleged bank fraud in Chandigarh, the agency said on Tuesday. The action has been taken against a person identified as Vikram Seth and his family members, who the agency claimed that connived with other accused and Bank of Baroda officials in "fraudulently" getting sanctioned 19 loans amounting to Rs 21.31 crore.

The ED issued a provisional order under the Prevention of Money Laundering Act (PMLA) for attachment of 20 residential and six industrial plots, a house, three agricultural lands, two brick kilns and 10 commercial plots valued at Rs 18.17 crore in Phagwara and Banga in Punjab and Amb town of Una district in Himachal Pradesh.  The seven movable properties include an assortment of SUVs like Tata Safari, Honda Jazz and Skoda Octavia worth Rs 33 lakh, it said.  The ED case is based on a CBI FIR lodged in 2015. "The loan amounts were routed through various accounts of associated firms and companies and other fraudulent firms by the accused through a web of transactions and ultimately the amounts were siphoned off," the central agency claimed.

The probe found that Seth had "routed" the loan amounts through many bank accounts. After multiple layering of the proceeds of crime, the amount was found to be invested in acquiring assets in the name of his wife, son, brother and brother's wife.  'These family members did not have any legitimate source of income to acquire such immovable assets," the ED charged. It said a probe in the case is on.



Why COVID-19 is unstoppable in USA despite it being ranked at the top of GHS Index?

Several worst-hit countries such as Italy, France, Spain, the UK, Canada, and Russia have peaked COVID-19 cases in April. Almost all of them have gradually flattened the curve. However, the USA is setting new daily records of infections tha...

COVID-19 seems cooking biggest ever global scam

The increasing number of corruption cases on COVID-19 funds from throughout the world and involvement of high profile persons indicate that the countries cant ignore corruption in their pandemic response programs. This has generated the nee...

Health Management Information Systems lack holistic, integrated, and pandemic resilient character

Being a part of the United Nations system, the World Health Organization WHO deserves its share of rebuke for its alleged failure issue COVID-19 health emergency alerts on appropriate time. However, the pandemic has also exposed loopholes i...

Pride in the time of coronavirus: a welcome move online?

This year is different in many ways not least as celebrations are also taking place against the dramatic backdrop of a global health crisis and a resurgence in grassroots activism following the death of George Floyd in Minneapolis. ...


Latest News

India's Biocon secures approval use drug on coronavirus patients

Indias Biocon Ltd has received regulatory approval for its drug Itolizumab to be used on coronavirus infected patients suffering from moderate to severe respiratory distress, the biopharmaceutical company said in a statement on Saturday.The...

With proactive strategy, Dharavi tamed virus, won WHO's praise

The Dharavi area in Mumbai has become a global role model in the containment of coronavirus, Maharashtra Chief Minister Uddhav Thackeray said on Saturday after the civic bodys efforts won praise from the WHO. Instead of waiting for patients...

Depression can be treated with probiotics alone or combined with prebiotics

A review published in the journal BMJ Nutrition Prevention and Health suggests that probiotics either taken alone or combined with prebiotics, may help to ease depression. But as per the researchers, whether they might help to lessen anxiet...

UP govt forms SIT to probe police's 'connivance' with Vikas Dubey

The Uttar Pradesh government constituted a special investigation team on Saturday to probe the local polices alleged connivance with slain gangster Vikas Dubey, a statement said. Additional Chief Secretary Sanjay Bhoosreddy will head the SI...

Give Feedback