The Surana Group is facing a multi-agency probe for their alleged involvement in bank fraud and the ED has attached jewellery, valuables and cash worth Rs 11.62 crore in connection to three cases of bank fraud.
Mumbai,UPDATED: Dec 29, 2022 03:22 IST
The agency carried out searches in February, 2021 at official and residential premises of various promoters and officials of the Surana Group and their family members (Photo: File)
By Divyesh Singh: The Enforcement Directorate (ED) has provisionally attached jewellery, valuables and cash worth Rs 11.62 crore belonging to the various persons linked to the Chennai-based Surana Group of Companies under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA). This is in connection to three cases of bank fraud involving Rs 3,986 crore of principal outstanding amount to public sector banks.
The ED said it has filed a prosecution complaint against the three group companies, Surana Industries Ltd , Surana Corporation Ltd and Surana Power Ltd , two of its promoters, and three other associated persons. A special PMLA court in Chennai has taken cognizance of the prosecution complaint.
The ED stated that it initiated investigations on the basis of three FIRs the Central Bureau of Investigation (CBI), BF&SB, Bengaluru registered against Surana Industries and Others,Surana Power & others and M/s Surana Corporation& others. During the investigation, it emerged that these three companies of Surana Group had defrauded the banks by floating a web of shell entities that led to the accounts becoming non-performing asset (NPA). An amount of ₹3,986 crore remained principal outstanding amount to the banks, the agency said.
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SEARCHES CARRIED OUT
The agency carried out searches in February, 2021 at official and residential premises of various promoters and officials of the Surana Group and their family members and had seized jewellery and cash from the said premises. In the due course of investigation, it was established that the said jewellery and cash had been derived out of the proceeds of crime siphoned off from the borrowed fund from banks which was routed to the personal account of the promoters and their spouses through their dummy director held companies.
Further investigation into the matter is underway.
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