इंडियन आवाज़     04 Mar 2024 08:10:34      انڈین آواز
FreeCurrencyRates.com

ED attaches assets worth over Rs. 204 crore held by Ardor Group in bank fraud case

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

Leave a Reply

Your email address will not be published.

MARQUEE

Singapore: PM urges married Singaporean couples to have babies during year of Dragon

@leehsienloong AMN / WEB DESK Prime Minister of Singapore Lee Hsien Loong has urged married Singaporean ...

Himachal Pradesh receives large number of tourists for Christmas and New Year celebrations

AMN / SHIMLA All the tourist places of Himachal Pradesh are witnessing large number of tourists for the Ch ...

Indonesia offers free entry visa to Indian travelers

AMN / WEB DESK In a bid to give further boost to its tourism industry and bring a multiplier effect on the ...

MEDIA

Broadcasting Authority Penalises TV Channels for Hate-Mongering, Orders Removal Of Offensive Programs

Broadcasting Authority (NBDSA) Orders Times Now Navbharat, News 18 India, Aaj Tak to Take Down 3 TV Shows ...

Anurag Thakur launches various online portals for RNI and CBC

Information and Broadcasting Minister, Anurag Thakur on Thursday launched four portals of the Ministry includi ...

GOVERNMENT AWAAZ

Governments ‘s aim is to provide jobs to 10 Lakhs Youth in Government and PSU, says Prahlad Joshi

@JoshiPralhad Union Minister of Parliamentary Affairs Prahlad Joshi said governments 's aim is to prov ...

Prices of essential commodities are under control: Govt

AMN / WEB DESK The Government has said that prices of essential commodities like Sugar, Wheat, Rice and Edi ...

@Powered By: Logicsart