ED attaches assets worth Rs 91.8 Cr in bank fraud case

New Delhi [India], September 14 : The Directorate of Enforcement (ED) has provisionally attached immovable and movable properties totaling to Rs 91.80 crore of accused Bharat Bomb, Shankar Lal Khandelwal and others under the Prevention of Money Laundering Act, 2002(PMLA) in a case relating to Syndicate bank loan fraud case.
The attached assets are in the form of agricultural land, Plots, shops, offices, flats, bungalows situated in Jaipur, Udaipur and Shri Ganganagar districts of Rajasthan and balances lying in bank accounts.
According to an official release, ED initiated an investigation under PMLA, based on the FIR registered and charge sheet filed by CBI, BS and FC, New Delhi against the officials of erstwhile Syndicate Bank (now Canara Bank) and private persons. During the years 2011 to 2016, mastermind of the fraud Bharat Bomb, a Udaipur-based Chartered Accountant, in collusion with bank officials defrauded erstwhile Syndicate Bank to the tune of Rs 1267.79 crore.
The investigation conducted under PMLA revealed that proceeds of crime generated out of the fraud were transferred by the accused Bharat Bomb in various bank accounts through a complex maze of transactions for placement, layering, and integration.
He had invested tainted money in the purchase of immovable properties in the name of himself, his family members, associates, employees, known confidential tribal persons, fictitious firms and companies, conversion of land and development of real estate projects Om Ananda, Udai Residency and Everest Ashiyana in Udaipur.
The attached properties are scattered at various locations in Rajasthan. Out of them, immovable properties worth around Rs 59 crore and Rs 10 crore are situated in Udaipur and Jaipur Districts respectively.
Further investigation is in progress.