Home / News / India /  ED attaches Archon Engicon’s immovable properties worth 77 crore

The Enforcement Directorate (ED) has provisionally attached the immovable properties amounting to Rs. 77.28 crore vide Provisional Attachment Order (PAO) under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA) of Archon Engicon Ltd. of Chandrashekhar Balkrushna Panchal and Ors. in the bank fraud case.

The ED initiated investigations on Archon Engicon Ltd. on the basis of two FIRs registered by the Central Bureau of Investigation (CBI), EOB, Mumbai.

The CBI had booked them under various sections of IPC read with sections of Prevention of Corruption Act wherein it was alleged that Archon Engicon Ltd. had defaulted in repaying the loans to State Bank of India, IDBI Bank and other consortium banks in a fraudulent manner, which caused an undue loss to the tune of 265.64 crore to the banks.

Accordingly, the ED conducted an investigation which revealed that the said company was availing various loan facilities from the SBI and other consortium banks and diverting the funds to various entities and to the personal accounts of the directors of the company.

Meanwhile, the ED has traced and attached various properties held in the names of Archon Engicon Ltd. and other related persons and attached immovable properties worth 77.28 Crore.

Further investigation is under progress.

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