WEB DESK
The Enforcement Directorate (ED) today attached assets worth over 1,100 crore rupees of Vadodara-based Diamond Power Infrastructure Limited (DPIL) Private Limited in connection with its money laundering probe in a bank fraud case. The attachment includes the properties belonging to the owners of the company Suresh Bhatnagar and his sons.
DPIL is accused of cheating various banks to the tune of around 2,650 crores.
ED had filed a criminal case against the firm and its promoters under the Prevention of Money Laundering Act (PMLA), after taking cognisance of a CBI FIR, and had searched its premises last month.
ED said, the company, through its related entities, was able to gain funds fraudulently by twisting and manipulating the facility of Letter of Credit from the banks.