Accordingly the agency said on tuesday the Enforcement Directorate (ED) has attached movable and immovable assets worth Rs 107.73 crores of Directors of Fairdeal Supplies Ltd in a bank fraud case. Meanwhile the attached assets include land and building of SIV industries, coimbatore, an office building, a farm house and a bungalow in ahmedabad and seven fixed deposits, said the ED, adding the attachment were done under Prevention of Money Laundering Act, 2002 (PMLA).
Furthermore the ED took up a case of bank fraud for investigation under PMLA against Fairdeal Supplies Ltd and its directors ram prasad Agarwal, Narayan prasad Agarwal, pawan kumar Agarwal and Saurabh Jhunjhunwala and others on the basis of charge-sheet filed by Central Bureau of Investigation (CBI) before a special court in kolkata for defrauding UCO bank, Kolkata.
Moreover it was revealed that Fairdeal Supplies Ltd and its directors availed various credit facilities and Foreign letters of Credit (FLCs) from UCO bank, Flagship corporate Branch, kolkata fraudulently by submitting inflated and fabricated stock statement, and Fairdeal Supplies Ltd did not route the sale proceeds of coal imported under the Foreign letters of Credit through UCO bank resulting in accumulation of the letters of Credit. Perhaps from these accounts with banks other than UCO bank the funds were further diverted to acquire assets.