Bank loan

bank loan fraud case: Bank loan fraud: ED seizes 67 wind turbines from Chennai company

The Law Enforcement Directorate said on Tuesday it tied up 67 windmills worth more than Rs 51 crore as part of a money laundering investigation against Surana Group based in Chennai linked to suspected fraud over Rs 3,986 crore bank loan. The federal agency issued an interim order under the Prevention of Money Laundering Act to tie up the windmills.

The action was taken after it was discovered “that 67 Surana Group windmills, which were being auctioned off by banks to reclaim their rights, were again purchased in the name of a Benami company”.

The windmills and the land they are on are worth a total of Rs 51.69 crore, the agency said in a statement.

He did not, however, specify where these windmills are located.

Another set of real estate properties worth Rs 61.63 crore of Ramlal Jain, who ‘merged’ the proceeds of crime into his usual business, was also attached under the same order, it said. he declares.

The total value of the seizure of properties under this order stands at Rs 113.32 crore, he said.

The ED, last month, had arrested four people in this case including two promoters of Surana Group and two alleged directors of front companies.

Among them, Dinesh Chand Surana and Vijay Raj Surana, both managing directors and promoters of

Limited, Surana and Surana Corporation Ltd and P Anand and I Prabhakaran, dummy directors of front companies.

They are currently in custody.

The money laundering investigation stems from three CBI FIRs filed against the accused in 2020 which alleged that these three companies, along with their promoters, directors and unknown persons, engaged in embezzlement and breach of trust criminals, manipulating books of accounts through shell entities, and channeling funds through shell (shell) companies.

The CBI complaint accused the defendants of embezzling funds from company accounts for personal gain, causing a loss of Rs 3,986 crore to public sector banks.

The Surana group specializes in the manufacture and sale of gold jewelry.

The ED alleged that the defendant “created a network of shell companies and that the shell directors of these shell companies were either relatives/people from the ancestral village of the Surana family or employees of the Surana group of companies”.

“The transactions of the three main group companies were routed through these shell/shell companies and subsequently the funds were diverted for other purposes including the purchase of properties by layering and also obtained benami properties in the name of these front companies,” the agency said.

The Surana group of companies/developers incorporated several companies in the Cayman Islands as well as the British Virgin Islands in the name of “fictitious” directors and embezzled money to park in these companies through four companies” fictitious” located in Singapore, he said.