The Enforcement Directorate (ED) Shimla, taking major action, has returned the assets worth about Rs 289 crore to the Consortium led by Bank of India. These assets M/s Indian Technomac Co. The LTD (ITCOL) is associated with the case, in which the company and its directors were accused of misusing the loan taken from banks.
ED investigation was started on the basis of FIR registered by CID Himachal Pradesh Police. The FIR said that the directors of ITCOL, along with the staff and chartered accounts of some companies, took a loan from the banks and moved it around. ED investigation revealed that between 2009 and 2013, ITCOL took a loan from the Consortium led by Bank of India. For this, the company showed fake project reports and misled banks by showing fake sales. After this, the loan received was not engaged in the work for which it was approved.
ED attached assets worth 289 crores
The Central Investigation Agency attached assets worth 289 crores in the year 2019, including Immuwable Properties (Immovable Property) Sirmaur (Himachal Pradesh) and Hauz Khas (New Delhi), which included a piece of land with about Rs 190.95 crore. Apart from this, the Central Investigation Agency also attached the plants and machinery at Sirmaur, which is around Rs 97.96 crore, which is around Rs 97.96 crore.
ED returned assets to the bank consortium on court order
Under the Prevention of Money Laundering Act (PMLA) Act, the ED submitted a no-objection in the court so that these assets could be returned to the real and right contenders. On this, PMla Special Judge Shimla ordered that the attached properties should be restored to the Consortium led by Bank of India.
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