The Enforcement Directorate has attached assets worth ₹26.25 crore of Diamond Power Infrastructure Limited (DPIL) and its erstwhile directors, promoters and their family members in connection with a bank fraud case involving ₹2,654.40 crore. The value of total attachment so far has now gone up to ₹1,148.97 crore.
The ED probe is based on a First Information Report registered by the Central Bureau of Investigation against DPIL and others for allegedly cheating a consortium of 19 lenders led by the Bank of India. It is alleged that the company availed itself of higher credit facilities by showing paper transactions with shell companies and related entities. The funds so raised were diverted.
Also, the ED has filed a charge sheet against DPIL, its directors and 11 others in the case.
In April 2018, in the same case, the ED had issued the first attachment order involving assets worth ₹1,122.72 crore. It later filed a charge sheet against the former company directors, Amit Bhatnagar, Sumit Bhatnagar and Suresh Bhatnagar, and other accused persons.
