ED seizes valuables worth ₹4 crore from company officials in Tiruchi
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Huge part of loan amount sanctioned by banks siphoned off, says agency
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Huge part of loan amount sanctioned by banks siphoned off, says agency
The Enforcement Directorate has seized gold and diamond jewellery worth ₹4.43 crore during searches conducted under the Prevention of Money-Laundering Act (PMLA), 2002 at the residence of K. Subbaraj, chairman of M/s. Cethar Limited; K. Pothiraj, its managing director; and N.S.K. Kalairaja, director of M/s NSK Builders Private Limited, Tiruchi.
The agency initiated investigation under PMLA on the basis of FIR registered by the Central Bureau of Investigation, BS & FC, Bengaluru, against M/s Cethar Limited, Tiruchi and others for availing credit facilities to the tune of ₹1,340 crore and systemically committing fraud and cheating the Indian Bank and other banks.