ED arrests 2 directors of TN company in bank loan fraud case



ED arrests 2 directors of TN company in bank loan fraud case







outlookindia.com

1970-01-01T05: 30: 00 + 0530

New Delhi, February 6 (PTI) The Law Enforcement Department (ED) announced on Saturday that it had arrested two directors of a Tamil Nadu-based company in a money laundering case worth Rs 325 crore linked to a bank fraud case.

Hittesh Patel and Suresh N Patel, directors of Shinago Plantations Pvt Ltd, were sent to emergency custody by a special court on Saturday after being placed under arrest under sections of the Money Laundering Prevention Act money (PMLA), he said in a statement. declaration.

The two are said to have laundered funds to the tune of Rs 325 crore using a network of nearly 20 group entities located across Tamil Nadu.

The investigation revealed that the defendants “in collusion with the appraisers availed themselves of loans from the former Corporation Bank (now Union Bank of India) on the basis of the inflated value of the properties offered as collateral and engaged in a deliberate embezzlement of funds through various group accounts “.


Warning :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI


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