Business Line reported that Enforcement Directorate has attached assets worth INR92 crore of SPS Steel Rolling Mills and others under Prevention of Money Laundering Act, 2002 in a bank fraud case. The attached assets consist of shares of an entity owning five-star hotel, three luxurious apartments, an office building and 0.33 acres of land.
ED took up the investigation on the basis of Central Bureau of Investigation’s first information report against SPS Steel Rolling Mills, Bipin Kumar Vohra, the beneficial owner of the company and others for defrauding a consortium of eight banks led by Allahabad Bank in Kolkata for around INR 550 crore. The investigation under PMLA revealed that the defrauded amount was fraudulently siphoned through formation of shell companies. The accused also diverted the loan amount in their various other existing business activities running five-star hotels, security agencies and also for repayment of earlier debts.
Source of information