AGENCIES
Enforcement Directorate has attached assets worth over Rs. 204 crore held by Ardor Group of companies in a bank fraud case.
The attached properties include commercial office, residential plots and non-agricultural land in Ahmedabad and Surat.
The ED had initiated investigation under Prevention of Money Laundering Act on the basis of FIRs registered by CBI and ACB, Gandhinagar.
In FIRs, it has been alleged that the companies and its directors in connivance with unknown bank officials have cheated and caused wrongful loss to the consortium of Banks amounting to around Rs. 488 crore.
The investigation conducted has revealed that directors of Ardor International Limited, Ardor Global Pvt Limited and Chem Edge International Pvt Limited indulged in circular routing of the funds received out of credit limit sanctioned by the consortium of banks to inflate the financials of the companies for increasing the credit facilities from the consortium of banks having Bank of India as the lead bank and obtained loans.
They also diverted and mis-utilized the funds. Further, they mortgaged assets of other group companies for availing higher credit limits.
False stock statements and financials were submitted to the consortium banks