₹1,438.45 cr bank loan fraud: ED attaches assets worth ₹43.52 cr linked to UIL
3 months, 1 week ago

₹1,438.45 cr bank loan fraud: ED attaches assets worth ₹43.52 cr linked to UIL

Hindustan Times  

MUMBAI: The Mumbai zonal unit of the Enforcement Directorate has provisionally attached movable and immovable assets worth ₹43.52 crore as part of its money-laundering investigation related to a ₹1,438.45 crore bank loan default case involving metal trading company Ushdev International Limited and others. The loan funds granted to Mumbai-headquartered UIL were allegedly diverted to different entities in the “guise of advances and unsecured loans” and subsequently brought back to India-based firms by routing them via multiple bank accounts, the official added. During the investigation, India-based assets worth ₹43.52 crore belonging to UIL’s directors, shareholders and subsidiaries were identified and provisionally attached under the provisions of the Prevention of Money Laundering Act. ED’s money-laundering investigation is based on a July 2022 First Information Report registered by the Central Bureau of Investigation’s bank security and fraud cell against UIL, its two directors, and unknown public servants, among others.

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