Bank fraud by Tayal Group: ED takes physical possession of 'Empress Mall' in Nagpur
Nov 11, 2021
New Delhi [India], November 11 : The Enforcement Directorate (ED) has taken physical possession of Empress Mall in Nagpur valued at Rs 483 crore in connection with the case of bank fraud by Tayal Group of companies.
The mall was constructed on commercially diverted land of 2,70,374 square feet in the name of KSL and Industries Ltd.
ED initiated a money-laundering investigation on the basis of three FIRs of Central Bureau of Investigation (CBI) against three different companies of Tayal Group of Companies-- Actiff Corporation Ltd, Jaybharat Textiles and Real Estate Ltd and KKTL / Eskay Knit (India) Ltd-- for alleged cheating and fraudulently availing loans amounting Rs 524 crore from Bank of India and Andhra Bank, Mumbai during 2008.
ED investigated upon money trails for ascertaining and identifying the Proceeds of Crime (POC) and accordingly "Empress Mall at Nagpur" was provisionally attached under the provisions of Prevention of Money Laundering Act (PMLA), 2002, which was subsequently confirmed by the Adjudicating Authority.
A prosecution complaint has been filed before the Special Court under PMLA, Mumbai and the court has already taken cognizance of the money laundering offence on January 22 this year.
