LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

Bank loan fraud: ED attaches Rs 375-cr assets of Surat firm

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Fri, Apr 13, 2018
10:14 pm
PTI
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

The ED has attached assets worth over Rs 375 crore of a Gujarat-based firm in connection with its money laundering probe in an alleged bank loan fraud, perpetrated using fraudulent Letters of Credit of more than Rs 2,100 crore.

The central probe agency said it has attached the plant and machinery of the firm -- Ms Nakoda Limited -- in Surat district of Gujarat under the Prevention of Money Laundering Act (PMLA).

It said a money laundering case was registered against the firm, its CMD Babulal Gumanmal Jain and his son, and joint MD Devender Babulal Jain based on a CBI FIR.

The assets attached are valued at Rs 375.71 crore.

"Ms Nakoda Ltd had availed fund-based and non-fund based financial assistance from the consortium of 13 banks led by Canara Bank and had defaulted on repayment of these loans to the tune of Rs 2,107 crore. "Investigation revealed that Jain and his son entered a criminal conspiracy with others to carry out fake sale and purchases of fancy fabrics with the companies floated by Puneet Rungta and Jagdish Somani," the agency said in a statement.

On the strength of fake purchase invoices, it said, the firm opened 816 of Letters of credit (LCs) with banks. "Out of the total LCs fraudulently opened by the company with banks against fake purchases, 202 LCs to the tune of Rs 827.98 crore devolved due to non-payment by Ms Nakoda Limited. "These fraudulently obtained LC-based funds were laundered by the company through circular transactions," it said.

The Enforcement Directorate said the same funds were utilised for repayment of various loans including term loans, interest, banking charges and as working capital for meeting day-to-day expenses towards running its plant and factory -- purposes other than for which the loans were sanctioned.

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

LATEST NEWS

Petrol price near Rs 100? Forget that, here is something that will give you 100-km for only Rs 7

7th Pay Commission: After family pension, Modi government BIG relief on DA for central government employees likely soon, pensioners to benefit too

In chat with Anil Singhvi, analyst Vikas Sethi picks Nalco, L and T Finance as top buys for big gains

SBI loan against shares: Check eligibility, minimum and maximum loan amount, processing fee and other details

PUBG Mobile 1.3 global update: APK download link, check expected release date and more!

Petrol-diesel rates, LPG cylinder price hike! Rs 21 lakh crore collected from excise duty, cess, Mallikarjun Kharge reveals

Stocks in Focus on March 8: Easy Trip planners IPO, Adani Ports, BEML to Religare; here are the 5 Newsmakers of the Day

Alert! WhatsApp may stop working on these smartphones | Is your phone on list? Check details NOW

Meghan on racism: British royals worried about skin of Harry and her son

On Women's Day, don't fall for this WhatsApp scam | Check NOW

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved