ED attaches movable assets worth over Rs.19 crore of EIEL

Enforcement Directorate, ED has attached movable assets amounting to over Rs 19 crore of M/s. Era Infra Engineering Limited, EIEL under Prevention of Money Laundering Act in a bank fraud case. The attached asset is in the form of a balance lying in a bank account of EIEL maintained with Axis Bank.

 

ED initiated investigations under PMLA on the basis of FIR of Central Bureau of Investigation, CBI, New Delhi under various sections of IPC and under Prevention of Corruption Act against EIEL, CMD Hem Singh Bharana, other unknown public servants of the Bank and unknown private persons. 

Investigations have been initiated for the offence of



criminal conspiracy, cheating, forgery and use of forged documents and criminal misconduct allegedly carried out by EIEL and other accused persons in the matter of sanction, disbursement and utilization of two term loans of Rs 650 crore.

 

Investigations under PMLA revealed that the sanctioned loan amounts were disbursed and utilized in a manner defying the sanctioned purpose. 

 

Assets valued at Rs 5.72 crore and Rs 33.71 crore were provisionally attached under PMLA earlier. Now including this attachment of 19.22 crores, the total value of attached assets so far is Rs 58.65 crore.