Ed action in fraud case: The Enforcement Directorate (ED), taking major action in a case related to bank fraud, has temporarily attached immovable properties worth Rs 9.39 crore. This action has been taken under the Money Laundering Prevention Act (PMLA), 2002. In this case, the value of the total assets seized so far has reached Rs 105.59 crore.
The ED’s Mumbai Zonal Office has taken this action under the ongoing investigation against Sharon Bio Medicine Ltd. and other accused. Investigation revealed that this company and its people took a loan of crores of rupees from banks and then made money by rotating the money in other fake companies.
How did the scam happen?
According to sources, Sharon Bio Medicine Limited and its associates are accused of taking loans from banks and then misused the money. The company deliberately manipulated its financial documents and took a loan and then invested the money here and there. When the bank did not get the money back, the matter came to light and the ED started its investigation.
What has been done so far?
• ED had already seized several properties in this case and so far a total of Rs 105.59 crore properties have been attached.
• During the investigation, the ED came to know that these assets were purchased with loan money.
• Now these properties will be investigated and they can be confiscated after the court order.
What will happen next?
The ED is also investigating other people involved in this scam. Many more properties are likely to be revealed in this case. If the allegations are proved, then the owner of the company and other accused will be taken legal action and they can also be arrested.
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