The Enforcement Directorate (ED) on Wednesday said it has attached assets, worth Rs 51.86 lakh, of a company in connection with a money laundering case linked to an alleged bank fraud in Haryana.
It said a provisional order for attachment of the properties, in the form of commercial property in Gurgaon and bank balances, has been issued under the Prevention of Money Laundering Act (PMLA) against the company — Green Valley Plywood Limited.
The agency alleged that the company and its promoter Jagmohan Kejriwal had siphoned off Rs 70.49 crore bank loan amount by devolving letter of credit by showing fictitious sales and purchase with the help of several entities.
These entities were providing a platform to Green Valley Plywood Limited for money laundering, the ED said.
“Probe revealed that out of the total inflow and outflow of these fictitious sale and purchase transactions, Rs 51.86 lakh was retained by seven entities named Global Interiors Ltd, Vikas Globalone Ltd, Vikas Polymers (India), Moonlite Technochem Pvt. Ltd, Shubham Chemicals and Solvents Pvt Ltd, Chemical Connection and Uniply Industries Ltd as commission for providing such platform for money laundering by layering of proceeds of crime,” the ED said in a statement.
This amount, retained by these seven entities, has now been attached by the ED, it said.
The total value of the seized assets is Rs 51.86 lakh.
Further investigation to identify the remaining proceeds of crime is going on, the probe agency said.
