By Our Correspondent
NEW DELHI/BHUBANESWAR: The Enforcement Directorate has attached Bank balance of M/S Era Infra Engineering Limited totalling to Rs 19.22 Crore under Prevention of Money Laundering Act. Total attachment in this case now stands at Rs 58.65 crores.
“ED attached under PMLA, balance lying in the bank account totalling to Rs 19.22 crore of M/s Era Infra Engineering Limited in a #bankfraud case,” ED tweeted @dir_ed.
The ED had earlier in July attached two tunnel machines at Delhi Metro Rail Corporation, Mundka worth Rs 33.71 crores under Prevention of Money Laundering Act.The two tunnel machines, valued at Rs 18.31 crores and Rs 15.40 crores respectively, were owned by Era Infra Engineering Limited, which is being probed for a bank fraud case.
EIEL is a listed company and engaged in big infrastructure constructions like an airport, power projects, multiplexes, industrial and residential complexes for the private and public sector.In May 2018, the federal agency, which probes money laundering cases, started its inquiry after the Central Bureau of Investigation registered a case.
The CBI case was of cheating, forgery, criminal conspiracy under relevant sections of the Indian Penal Code and Prevention of Corruption Act against Era Infra Engineering Limited and it’s chief managing director Hem Singh Bharana and other accused in sanction, disbursement and utilization of two-term loans amounting to Rs 650 crores.
The complainant in the CBI case was the UCO Bank. “ED investigations have revealed that the sanctioned funds were disbursed and utilized in a manner defying the sanctioned purpose,” ED had said in July this year.During the probe, it was found that out of Rs 450 crores loan given by UCO Bank, an amount of Rs. 211 crores & Rs. 25 crores were utilized for purposes beyond the purview of the sanctioned terms.
The total amount diverted by EEIL stands at Rs 236 crores out of the term loan of Rs 450 crores.
In addition to this, Rs 14.70 crores were diverted from the other sanctioned loan of Rs 200 crores. “Diversion of funds by EEIL stands at Rs 250.70 crores which is proceeds of the crime under PMLA,” ED had said.
