Bank fraud case: ED attaches assets worth Rs 204.27 crores under PMLA
Jul 13, 2020
New Delhi [India], July 13 : The Enforcement Directorate (ED) on Monday attached assets of Rs 204.27 crores that was held by the Ardor Group of Companies. The agency attached the money under the Prevention of Money Laundering Act, 2002 (PMLA) in a case related to bank fraud.
In a statement, the ED said that it has attached assets totalling to Rs 204.27 crores held by Ardor Group of Companies under PMLA, 2002 in a bank fraud case.
"The attached properties include the commercial office of the company at SG Highway, Thaltej, Ahmedabad; residential plot at Satellite, Ahmedabad; 5 residential plots at Ambali, Ahmedabad; 17 residential plots at Gokul Dham, Ahmedabad; 4 shops at Bodakdev, Ahmedabad; office premises at Ellisbridge, Ahmedabad and Ashram Road, Ahmedabad and non-agricultural land at Surat," it said.
Pointing out that it initiated the probe on the basis of six FIR filed by CBI, ACB and FC, the agency said, "ED initiated the investigation under PMLA on the basis of 6 FIRs registered by CBI, ACB, Gandhinagar and an FIR by CBI, BS&FC, Mumbai under sections 120 B r/w 420 of IPC and 13 (2) r/w 13(1) (d) of PC Act, 1988, wherein it has been alleged that Ardor Group of Companies and its Directors in connivance with unknown Bank officials have cheated and caused wrongful loss to the consortium of banks amounting to Rs 488 crores (approx)."
The investigation conducted by ED revealed that Bharat Shah, Fenil Shah and Geetaben Shah directors of Ardor International Ltd., Ardor Global Pvt. Ltd. and Chem Edge International Pvt. Ltd. indulged in circular routing of the funds received out of credit limit sanctioned by the consortium of banks to inflate the financials of the companies for increasing the credit facilities from the consortium of banks having Bank of India as the lead bank and obtained loans in the name of the group companies, the statement added.
