The Enforcement Directorate has attached assets worth ₹107.73 crore in connection with a bank fraud case involving Fairdeal Supplies Limited.
The properties include a land parcel and building of SIV Industries, an office building, a farmhouse and a bungalow in Ahmedabad and seven fixed deposits.
The ED probe is based on an FIR and charge sheet filed by the Central Bureau of Investigation. It is alleged that the company and its directors availed themselves of credit facilities and foreign letters of credit from the UCO Bank, on the basis of inflated stock statements.
Funds to the tune of ₹231.95 crore were diverted for unstated purposes. The company directors had directed buyers of the imported coal supplied by it to remit the sale proceeds to accounts other than the one maintained with the lending bank, as alleged.
