The Enforcement Directorate (ED) on Tuesday attached immovable properties consisting of land admeasuring 2,70,374 square feet along with a shopping mall in Nagpur worth Rs 483 crore of KSL & Industries Ltd, Mumbai, under Prevention of Money Laundering Act in bank fraud case. KSL & Industries Ltd., Mumbai is one of the group companies of Tayal group of Companies.
ED initiated investigation under PMLA on the basis of three FIRs of CBI against three different companies of Tayal group of Companies like Actiff Corporation Ltd, Jaybharat Textiles & Real Estate Ltd, KKTL and Eskay Knit (India) Ltd for cheating and fraudulently availing loans to the tune of Rs 524 crore from Bank of India and Andhra Bank during the year 2008.
Investigation under PMLA revealed that during the year 2008, these Mumbai-based companies diverted the loan amount through a maze of shell companies, the ED said.
It was also revealed that for the purpose of money laundering, they had created a maze of shell companies which were used for routing of the diverted funds. Funds were routed through these shell companies to the companies of the said Tayal group and used up for creation of assets in the name of M/s KSL & Industries Ltd. These immovable properties in the form of a Mall situated at Nagpur worth Rs 483 crore has been provisionally attached as "proceeds of crime" and for involvement in money laundering. Earlier in another similar case, involving UCO Bank properties worth Rs 234 crore of Tayal group was also attached. Total attachment against the group is worth Rs 717 crore.