What led to the ED attaching assets in a bank fraud case across five states
Enforcement Directorate attaches assets worth ₹503.16 crore in a bank fraud case totaling ₹4,037 crore.
- Investigation revealed a conspiracy involving officials of a state-run bank and private companies to cheat the bank through fraudulent letters of credit.
- The accused availed loans against these fraudulent letters of credit, which were diverted for purposes other than intended.
- The funds were then siphoned off through various means, leading to a massive loss for the bank.
- The Enforcement Directorate traced the illegal proceeds to multiple states and identified assets acquired using the fraudulently obtained funds.
- Based on the evidence collected, the Enforcement Directorate attached assets worth ₹503.16 crore across five states to prevent the accused from disposing of the proceeds of the crime.
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6 months ago