The Enforcement Directorate (ED) has attached the immovable and movable properties valued at Rs.56.81 crore of Chartered Accountant allegedly involved in Syndicate Bank Fraud.
The properties valued at Rs.56.81 crore belonged to Rajasthan’s Udaipur-based Chartered Accountant Bharat Bomb and their other associates in Syndicate Bank fraud case amounting to Rs.1,267.79 crore.
The ED initiated a money-laundering investigation on the basis of the First Information Report (FIR) registered and the chargesheet filed by the Central Bureau of Investigation against the officials of the erstwhile Syndicate Bank (now Canara Bank) and others.
Earlier, during the investigation in the matter, the ED had issued four provisional attachment orders towards cumulative attachment of assets worth Rs.478.66 crore. Additionally, a seizure of Rs.2.25 crore in the form of a demand draft was also carried out.
An investigation revealed that proceeds of crime generated out of the fraud were transferred by Bharat Bomb to various bank accounts operated and controlled by him, through a complex maze of transactions for placement, layering and integration of the tainted funds.
“The modus operandi of the fraudsters included getting loans sanctioned in their name or in the name of family members and fake cheque discounting purported to be issued by the shell companies controlled by Bharat Bomb. The loans were never repaid by the fraudsters,” said the ED.
The attached properties include agricultural land, plots, shops, offices, flats, fixed deposits and bank accounts. These properties were attached under the Prevention of Money Laundering Act (PMLA), 2002. These assets belong to Bharat Bomb, one Shankar Lal Khandelwal and others.
Support our journalism by subscribing to Taxscan AdFree. Follow us on Telegram for quick updates.
