A company from Surat was found to be very expensive to cheat from the bank. Enforcement Directorate (ED) has attached more than 6,000 vehicles worth Rs 1,610 crore in the case of bank loan fraud and money laundering against Surat's company and its promoters.
Siddhi Vinayak Logistics Ltd (SVLL) and its director Roop Chand Baid, issued a temporary order to attach property under the Money Laundering Prevention Act (PMLA).
ED had arrested Baid for allegedly alleged role in the black money of Rs. 836.29 crore wrongfully earned in the Bank of Maharashtra loan fraud case.
Under the latest order, 6,170 vehicles worth Rs 1,609.78 crore were occupied. Earlier, the Central Investigation Agency had property worth over Rs 19 crore in June 2017.
ED said that it has registered a case of money laundering against the company and its directors on the basis of CBI FIR. In a statement, the investigating agency said, "So far the investigation revealed that on the basis of fake documents, loans were taken in the name of employees and drivers while SVL kept them in the dark. Baid hired the funds through various accounts of the respective units."
According to the ED, the funds from the banks were collected through loans or loan facility under various schemes such as 'owner to driver'. In the name of the drivers and employees of the loan company, the purchase of old and new vehicles was taken.
The investigation agency said that the loan was not used in the work for which it was taken. It was replaced by the accounts of the respective units and SVLL and later it was used to pay personal benefits, company expenses and old loans.
