The Enforcement Directorate has provisionally attached assets worth Rs. 53 crore in connection with the ongoing investigation into allegations of money laundering of about Rs.2,330 crore funds procured from nationalised banks by Surya Vinayak Industries Limited (SVIL) and its sister concern.
Those named as accused are Surya Vinayak Industries, its nine directors, Surya Vinayak Hospitalities (P) Ltd and others. The Central Bureau of Investigation had last July registered case of cheating against SVIL and others on a complaint by Punjab National Bank, which led a consortium of 21 banks that granted loans to the company.
hough loan limits were increased and disbursals made since 2004, on review of the company’s accounts, the banks found that the company had fudged financial records. In 2012, its loan accounts were declared non-performing assets, leaving an overall outstanding balance of Rs. 2,066.46 crore.
The Reserve Bank of India also found that SVIL had not exported commodities for which it availed of financing from consortium banks.
For its part, the Enforcement Directorate found that SVIL had in December 2012 claimed to the banks that its available stocks were worth Rs.888 crore against the actual value of Rs.8.84 crore, while its debt stood at Rs.1,937 crore.
It is alleged that two SVIL directors Sanjay and Rajiv Jain withdrew amounts from bank accounts against bogus bills or invoices, through its sister concern and agents. The funds were then transferred to its sister concern SVIL Mines and others, from where they were siphoned off leading to an outstanding of Rs.2066.46 crore in bad debts.
SVIL Mines also got loans from 14 banks led by Punjab National Bank, leaving an outstanding of Rs.266.28 crore in bad debts.
“Therefore, immovable properties of SVIL, its sister concern, and directors Sanjay and Rajiv Jain have been provisionally attached by under the Prevention of Money Laundering Act. The assets are located in Delhi, Haryana, Madhya Pradesh and Agartala,” said an ED official.
[Source:- The Hindu]