The Enforcement Directorate has attached assets worth over Rs 224 crore belonging to companies associated to Aircel promoter C Sivasankaran in connection with a money laundering case it is probing with regard to the IDBI Bank fraud.
According to ED, the attached assets include immovable properties worth Rs 224.25 and movable properties of Rs 35.32 lakh of Siva Group of companies and Axcel Sunshine Limited of British Virgin Islands.
“Immovable properties attached includes vacant lands and office premises at MRC Nagar, T. Nagar, Chennai and movable properties includes mutual funds and balance amounts available in their Bank Accounts,” an ED statement said.
The agency said it registered a criminal case under PMLA after taking cognizance of a CBI FIR against the firms, Sivasankaran and others for non-payment of loans of USD 67 million disbursed by an IDBI Bank branch located in Chennai.
“Investigations revealed that the Siva Group obtained loan in the name of front company M/s Axcel Sunshine Ltd. and mis-utilised the same for striking off their other loans knowingly that the companies were under NPA and the loans were not repaid by either the firm which obtained loan or the beneficiaries of the loan,” the statement said.