The Enforcement Directorate (ED) attached immovable properties worth Rs 1,122 crore belonging to promoters of Vadodara-based Diamond Power Infrastr-ucture limited (DPIl) who are accused in the Rs 2,654 crore bank fraud case.
Suresh Bhatnagar, founder of the company and his sons Amit, Managing Director, and Sumit, Joint Managing Director, of the company have already been arrested by police.
The crackdown came on the basis of an FIR filed by the Central Bureau of Investigation (CBI), ACB, Gandhinagar for defrauding banks and financial institutions. The ED attached properties of DPIl and its related companies such as Diamond Power Transformer ltd, Diamond Projects ltd, and Mayfair leisures and Northway Spaces.
The central agency attached properties including plant, machinery, building and land of DPIl and DPTl in Vadodara, 3 windmills in Bhuj, residential bungalows/flats of Bhatnagar family, unsold flats of Northway Spaces, under construction Hotel of Mayfair leisures and other land parcels held by related companies of DPIl.
DPIl did it with dual intention of availing CENVAT credit fraudulently as well as projecting increased turnover before the banks in their financial records.
DPIl has shown fake/fictitious entries of receivables in their books of accounts of around Rs 1,000 crore from their debtors and on the basis of such books of account DPIl is continuing to get credit from the banks.