The Enforcement Directorate has attached immovable properties worth ₹483 crore of a Tayal Group company, KSL & Industries Ltd, in a bank fraud case. The group firms are also being probed by the Central Bureau of Investigation in multiple cases.
The directorate has so far attached assets valued at ₹717 crore in the case. The latest order for attachment includes commercially diverted land of 2.70 lakh square feet, along with a shopping mall in Maharashtra’s Nagpur.
The ED’s money laundering investigation is based on three FIRs lodged by the CBI against the Mumbai-based Tayal Group companies for allegedly cheating and fraudulently availing of ₹524 crore in loans from the Bank of India and the Andhra Bank in 2008.
It is alleged that the funds were diverted through of a maze of shell companies and then re-routed to the group companies for investment in asset creation.
“The Tayal Group of companies, promoted by one of the family members of Pravin Kumar Tayal, was resorting to siphoning off funds obtained from the UCO Bank and the accounts became non-performing assets. Money trails of the same were identified and prime properties at Mumbai having market value of ₹.234 crore were also attached under the Prevention of Money Laundering Act,” said the agency, adding that a chargesheet has been filed in the case.