ED attaches assets worth Rs 127.74 Cr in a banks fraud case

ED attaches assets worth Rs 127.74 Cr in a banks fraud case

Agency News

New Delhi, Dec 31: Enforcement Directorate (ED) has attached proceeds of crime valued at Rs 127.74 crore in the form of immovable properties of Pixion Media Pvt Ltd and its group companies under Prevention of Money Laundering Act (PMLA) in a bank fraud case, an official release said here on Tuesday.

The attached assets consist of two commercial plots, nine commercial floors of group companies situated in Mumbai, Chennai, Noida and Kolkata.

The federal financial probe agency move comes after on the basis of seven FIRs & chargesheets filed by CBI under section 120B, read with section 420, 467, 468 and 471 of Indian Penal Code and sections 13(2) read with section 13(1)(d) of Prevention of Corruption Act, for fraud, cheating and causing wrongful loss to public sector banks to the tune of Rs 2600 crore and corresponding wrongful gain to Pixion Media Pvt Ltd, Pearl Media Pvt Ltd, Mahuaa Media Pvt Ltd, Pixion Vision Pvt Ltd, Pearl Studio Pvt Ltd, Pearl Vision Pvt Ltd.,Century Communication Ltd, and its directors PK Tewari, Anand Tewari, Abhishiek Tewari and others.

Investigation under PMLA revealed that the accused persons including Abhishiek Tewari who were directors of Pixion Group of companies, had fraudulently availed loans to the tune of Rs 2600 crore from various banks.

These accused further diverted the loan amounts through bank accounts of various companies and entities controlled by them which were finally utilized in procurement of assets at various places such as Mumbai, Chennai, Noida and Kolkata. “ In this manner these accused persons invested in acquiring assets by rotating the bank loans in maze of transactions to conceal the source”, the ED said adding that further investigation in this case is under progress. (UNI)