Friday, Oct 16 2020 | Time 23:37 Hrs(IST)
image
  • Cabinet: Bihar govt to launch Sona Sobran Dhoti Saree Yojana
  • IPL 2020: de Kock half century guides MI to 8 wicket win against KKR
  • IPL 2020: de Kock half century guides MI to 8 wicket win against KKR
  • IPL 2020: de Kock half century guides MI to 8 wicket win against KKR
  • Piyush Goyal to undergo renal surgery
  • Bombay HC asks for mechanism when media crosses ‘Lakshman rekha’
  • Security tightened in Katra, Jammu for Navratras
  • Former Principal Secretary to Kerala CM Sivasankar hospitalised
  • Govt has no strategy to fight Corona pandemic: Congress
  • Tourism Min requests states/UTs to share observations on draft National Tourism Policy
  • Row over containment zones in Andaman’s Diglipur region during Durga Puja
  • Allow all women on local trains: Mah govt writes to Railways
  • Nagaland by-poll: 5 candidates for Pungro-Kiphire Assy seat
  • ED seizes assets of DMK MP Gautham Singamani worth Rs 8 6 cr
IndiaPosted at: Oct 16 2020 9:10PM


ED attaches DCHL promoters’ assets worth Rs 122 crore in a loan fraud case

New Delhi, Oct 16 (UNI) Enforcement Directorate (ED) on Friday said that it has issued a provisional attachment order under Prevention of Money Laundering Act (PMLA) to seize assets worth Rs 122.15 crore of the promoters of the Deccan Chronicle Holdings Ltd (DCHL) in a loan fraud case involving a consortium of banks.
The attached assets belong to the DCHL and two of its former promoters T Venkatram Reddy and T Vinayakravi Reddy and an alleged benami company floated by them, the ED officials said, adding that the immovable assets consist of 14 properties located in New Delhi, Hyderabad, Gurgaon, Chennai, and Bengaluru.
The officials also said that this was the second attachment in this case, and the total amount of assets attached so far has come to Rs 264.56 crore.
The central financial probe agency had initiated investigation against DCHL and its management based on six FIRs and CBI charge-sheet filed in Bengaluru in 2015. Another charge sheet has been filed by police and a prosecution has also been filed by SEBI against DCHL.
Later in a statement issued by the ED said “The total loan fraud committed by DCHL and its promoters is estimated to be Rs 8,180 crores and investigation conducted under the PMLA revealed that the three promoters of DCHL that are PK Iyer, T Venkatram Reddy and T Vinayakravi Reddy hatched a well-planned conspiracy and manipulated the balance sheets of the company inflating the profits, advertisement revenue and grossly under-stated the financial liabilities of the company to paint a rosy picture for years to cheat the banks and its shareholders”.
Enforcement Directorate also claimed in the statement that the balance sheets of the company were allegedly fudged and loans taken from one bank were hidden from other financial institutions.
“Over the years, DCHL availed credit facilities to the tune of more than Rs 15,000 crore. Money trail investigation revealed that most of the loans were cyclically rotated into group companies and were diverted to pay back older loans”, the investigation agency said.
Loans taken for working capital requirements and for business needs of DCHL were diverted to extravagant projects and the diverted funds which were so invested into new projects without the consent of the banks and were ultimately shown as losses.
The promoters were allegedly also found to be re-purchasing the mortgaged assets at discounted rates through private treaties by using concealed proceeds of crime through front company and the net amount of loss caused is estimated at Rs 8,180 crores, including the unpaid principal loan amount of approximately of Rs 3,000 crore, the probe in this case revealed.
UNI AKS SHK2110
Tags: #ED attaches DCHL promoters’ assets worth Rs 122 crore in a loan fraud case
More News
Tourism Min requests states/UTs to share observations on draft National Tourism Policy

Tourism Min requests states/UTs to share observations on draft National Tourism Policy

16 Oct 2020 | 10:56 PM

New Delhi, Oct 16 (UNI) Tourism Minister Prahlad Patel on Friday requested the states and the Union Territories to share their observations on the draft National Tourism Policy, so that the Ministry can finalise it at the earliest.

see more..
Govt has no strategy to fight Corona pandemic: Congress

Govt has no strategy to fight Corona pandemic: Congress

16 Oct 2020 | 10:50 PM

New Delhi, Oct 16 (UNI) The Congress on Friday alleged that the Union Government has no strategy to deal with the Corona pandemic.

see more..
ED seizes assets of DMK MP Gautham Singamani worth Rs 8 6 cr

ED seizes assets of DMK MP Gautham Singamani worth Rs 8 6 cr

16 Oct 2020 | 10:11 PM

New Delhi, Oct 16 (UNI) The Directorate of Enforcement (ED) on Friday said that it has seized properties held by DMK Kalchuri MP Gautham Sigamani worth Rs 8.60 crore, under Section 37A of the Foreign Exchange Management Act, 1999 (FEMA).

see more..
Delhi PMLA Court asks ED to expedite extradition process against Sanjay Bhandari

Delhi PMLA Court asks ED to expedite extradition process against Sanjay Bhandari

16 Oct 2020 | 10:06 PM

New Delhi, Oct 16 (UNI) Taking cognizance of the prosecution complaint filed by Enforcement Directorate (ED) against Sanjay Bhandari and other co-conspirators, the PMLA Court in Delhi has asked the probe agency to expedite the process of extradition against him so that Sanjay Bhandari can be brought to India for trial in accordance with law.

see more..
nCoV: Delhi registers 3,428 fresh cases, recovery rate 91 13

nCoV: Delhi registers 3,428 fresh cases, recovery rate 91 13

16 Oct 2020 | 9:59 PM

New Delhi, Oct 16 (UNI) National capital on Friday witnessed a spike of 3,428 new COVID cases in the past 24 hours, taking the city's tally past 3.24 lakh, the state health bulletin said this evening.

see more..
image