Chennai:
Enforcement Directorate has attached 24 immovable properties worth Rs 34 crore belonging to Tiruchengode-based Pavai Alloys and Steel under Prevention of Money Laundering Act.
The properties were attached after Enforcement Directorate launched investigation against the firm following chargesheet filed by Central Bureau of Investigation in Bengaluru against Pavai Alloys and Steel and its five directors.
Joint Director of Enforcement Directorate P Manikkavel said that investigations against the company revealed that it had fraudulently availed loan based on fabricated or fake balance sheets and defrauded Indian bank, Tiruchengode to the tune of Rs 42.17 crore.
Ten immovable properties located in Coimbatore and Namakkal district in the name of director of Pavai Alloys and Steels worth Rs 23.50 crore were identified and attached as per the provisions of PMLA act.
Similarly, fourteen more immovable properties kept in the name of children of the directors of the company worth Rs 10.50 crore were attached
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