The Enforcement Directorate has taken physical possession of Empress Mall in Nagpur (constructed on commercially diverted land of 2,70,374 square feet) worth Rs 483 core in the name of KSL & Industries Ltd under money laundering charges linked to the case of bank fraud by Tayal Group of companies.
The ED had initiated money laundering investigation on the basis of three FIRs of Banking Securities and Fraud Cell of the Central Bureau of Investigation (CBI), Mumbai against three different companies of Tayal Group of Companies---Actiff Corporation Ltd., Jaybharat Textiles & Real Estate Ltd. and KKTL / Eskay Knit (India) Ltd. for alleged cheating and fraudulently availing loans to the amount of Rs 524 crore from Bank of India and Andhra Bank, Mumbai during the year 2008.
The ED investigated money trails for ascertaining and identifying the Proceeds of Crime (POC) and accordingly “Empress Mall at Nagpur” was provisionally attached under the provisions of PMLA which was subsequently confirmed by the Adjudicating Authority.
A prosecution complaint (chargesheet) under Prevention of Money Laundering Act has been filed before the Special Court, PMLA, Mumbai and the court has already taken cognizance of the money laundering offence on January 22, 2021.