The Enforcement Directorate has attached residential building worth ₹191 crore in Mumbai under the prevention of money laundering act (PMLA, 2002), the agency has said on Saturday.
The building, according to reports, is located in Mumbai's prime Worli area.
This was done in a case related to bank fraud involving Bhushan Power & Steel Limited (BPSL) and others. The total attachment in this case has reached to ₹4,420 crore.
ED has started a money laundering investigation in 2019 against the company on complaint by CBI that its promoters involved in a bank fraud and criminal conspiracy.
It has also filed a chargesheet in the case against 25 accused including former chairman and managing director (CMD) of BPSL Sanjay Singal.
The agency had earlier said that BPSL defaulted on loan facilities availed from various banks and financial institutions. The accounts were falsified and the directors of the company fraudulently diverted the funds via shell companies.
BPSL had used “various modus operandi to siphon funds obtained as loans from various banks," the probe agency had then said in a statement.
