New Delhi (The Hawk): In connection with a case involving the prevention of money laundering involving a bank loan fraud of Rs 265.64 crore, the Enforcement Directorate (ED) announced on Thursday that they had attached Chandrashekhar Balkrushna Panchal of Archon Engicon Ltd. and other individuals' real estate worth Rs 77.28 crore.
On the basis of two FIRs filed by the Centre Bureau of Probe (CBI) EOB, Mumbai, the ED launched a money laundering investigation against Archon Engicon Ltd, Panchal, and others.
The CBI had filed charges against them under several IPC and Prevention of Corruption Act sections, alleging that Archon Engicon Ltd. had fraudulently defaulted on loan repayments to State Bank of India, IDBI Bank, and other consortium banks, resulting in an undue loss to the banks of Rs 265.64 crore.
Following an examination by the ED, it was discovered that the company was using several loan options from SBI and other consortium banks while diverting the money to other organisations and the personal accounts of the company directors.
In total, the ED has located and attached immovable properties worth Rs 77.28 crore that were held in the names of Archon Engicon Ltd and other connected parties.
Investigations into the situation are still ongoing.
(Inputs from Agencies)
