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ED attaches properties of Chennai-based SLO Industries worth Rs 83 crore in bank fraud case

The ED had taken action based on an FIR registered by the CBI and Anti Corruption Bureau (ACB), Chennai against SLO Industries and its promoters for allegedly defrauding Corporation Bank to the tune Rs 201.88 crore

twitter-logoBusinessToday.In | October 7, 2020 | Updated 19:51 IST
ED attaches properties of Chennai-based SLO Industries worth Rs 83 crore in bank fraud case
ED attached 74 immovable properties and eight vehicles worth Rs 82.83 crores of SLO Industries

The Enforcement Directorate (ED) has attached 74 immovable properties and eight vehicles worth Rs 82.83 crores held in the name of Chennai-based SLO Industries under Prevention of Money Laundering Act, 2002 (PMLA) in connection with a bank fraud case, as per ANI report.

The ED had taken action based on an FIR registered by the Central Bureau of Investigation (CBI) and Anti Corruption Bureau (ACB), Chennai against metal and chemical manufacturing firm SLO Industries and its promoters for allegedly defrauding Corporation Bank to the tune Rs 201.88 crore.

An FIR was registered after B R Akolkar, deputy general manager of Corporation Bank filed a complaint with the CBI against SLO Industries, for defrauding and siphoning off of funds through associate concerns and its accounts held with other banks.

Investigation had revealed that SLO Industries had availed loans from Kellys Corner Branch of Corporation Bank, Chennai in the name of the company by furnishing forged documents.

Also Read: ED arrests CFO, internal auditor of Cox and Kings in YES Bank loan case

Also Read: ED may soon file money laundering case to probe Hathras protesters' funding

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