Enforcement Directorate attaches assets worth Rs 10 crore in bank fraud case

ED attached assets worth Rs 10 crore of Sheetal Refineries Ltd and others in an alleged bank fraud case under Prevention of Money Laundering Act (PMLA).

By: PTI | Hyderabad | Published:July 5, 2016 2:59 am
fraud Photo taken for representation purpose (Source: Express Archive/file)

The Enforcement Directorate (ED) on Monday attached assets worth Rs 10 crore of Sheetal Refineries Ltd and others in an alleged bank fraud case under Prevention of Money Laundering Act (PMLA).

“The assets worth Rs 10 crore of Sheetal Refineries, Sheetal Siddhi Veg Oils Pvt Ltd, Jitender Kumar Agarwal (who is linked to the firms) and others were attached for allegedly “causing loss to the State Bank of Hyderabad by way of furnishing forged/fabricated balance sheets, invoices etc with a view to avail various credit facilities and siphoning off the same,” ED said in a press release here.

They were earlier charge sheeted in a court, it said.

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