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.
ED has provisionally attached 74 immovable properties & 8 vehicles totalling to Rs 82.83 crores, held in the name of SLO Industries Ltd, Chennai & others, under the provisions of Prevention of Money Laundering Act, 2002 (PMLA) in a bank fraud case: Enforcement Directorate (ED) pic.twitter.com/4npHF3O7Aw- ANI (@ANI) October 7, 2020
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.