The Enforcement Directorate has attached immovable properties worth over Rs 185 crore of Kanpur-based Frost International Ltd., its group companies Globiz Exim Pvt Ltd, NSD Nirman Pvt Ltd and RS Builders and promoter/director under money laundering charge.
The ED had initiated money laundering investigation on the basis of an FIR filed by the CBI on January 19 last year on the allegation that the firm and its group companies had allegedly cheated the Bank of India and its consortium banks to the tune of Rs 3,592.48 crore besides unpaid interests on the loans.
During the investigations under Prevention of Money Laundering Act, evidence in the form of statements recorded under PMLA, documents from various authorities including banks, district property registration authorities have been collected and placed on record. The same have been scrutinized in light of relevant legal provisions of the PMLA, and laid down procedures, the agency said in a statement.