The Enforcement Directorate (ED) has attached assets worth Rs 145.26 crore of a Bengaluru-based spices company in a money laundering probe linked to an alleged loan fraud in the J&K Bank.
The attached assets are immovable properties in the form of factory buildings, shops, flats and land.
The ED initiated money laundering investigation on the basis of an FIR registered by the ACB, Srinagar, Jammu & Kashmir on August 6,2019 under sections of Jammu & Kashmir Prevention of Corruption Act, 2006 and Ranbir Penal Code (RPC), 1989 against Syed Anish Rawther, promoter-director of beneficiary company S.A. Rawther Spices Pvt Ltd.
The then branch head of J&K Bank, BU Infantry Road Bengaluru and officers of the bank were also accused in the case.
In the FIR, it was alleged that SA. Rawther Spices Pvt Ltd defaulted on loan and declared NPA in September 2017. Net amount of Rs 285.81 crore was outstanding with the company besides unapplied interest of Rs 66.91 crore against mortgaged collateral property of Rs 171 crore.
During the same period, the firm also borrowed Rs 16.5 crore from HDFC Bank and Rs 25 Crore from RBL Bank and mortgaged the same property, which was already mortgaged with J&K Bank Ltd. The accused Branch Manager of J&K Bank allegedly caused loss to state exchequer to the tune of Rs 352.72 crore in connivance with promoter/director of SA. Rawther Spices Pvt Ltd.