Dr.Thomas (Special Correspondent)
The Directorate of Enforcement (ED) has provisionally attached 78 immovable properties and 16 movable properties worth Rs.124 Crore related to the Chennai based Surana Group of Companies under the provisions of Prevention of Money Laundering Act (PMLA).
The action has been taken in connection with three cases of Bank Fraud involving Rs.3986 Crore of Principal Outstanding Amount to the Public Sector Banks.
ED had earlier attached properties valued at Rs.124.95 Crore and with the fresh attachment of properties,the total attachment in the case estimated to be Rs.248.98 Crore.
According to an official release,ED initiated money laundering investigation on the basis of three FIRs by Central Bureau of Investigation,BF&SB,Bengaluru registered against,Surana Industries Limited,Surana Power Limited,Surana Corporation Limited and others.
Investigations have revealed that these three companies of Surana Group have defrauded the banks by floating a web of shell companies wherein they appointed its employees,relatives as Directors, Proprietors and Partners,indulged in paper transactions without actual movement of goods.
The credit capital of the banks were diverted to the personal accounts .
Some of the diverted funds were used to purchase movable and immovables properties in the names of various benami persons and companies.
These actions of the Promoters and officials of the Surana Group led to the accounts becoming irregular which ultimately led to accounts becoming NPA.
Based on the investigations conducted,Dinesh Chand Surana,MD of Surana Industries Limited and Surana Power Ltd,Vijay Raj Surana,MD of Surana Corporation Limited and two dummy directors of shell companies .
The accused P.Anand and I Prabhakaran,were arrested on July 2022 in this connection and later they all were sent to Judicial Custody.Further Investigation is on.
