Enforcement Directorate (ED) on Thursday took physical possession worth Rs 483 crore in connection with a bank fraud case against Tayal Group of Companies from Empress Mall in Maharashtra’s Nagpur , officials said.
The mall, built-in 2,70,374 square feet of land, is registered in the name of KSL & Industries Ltd.
ED had initiated a money-laundering investigation on the basis of three FIRs of Central Bureau of Investigation (CBI) against three different companies of Tayal Group of Companies – Actiff Corporation Ltd., Jaybharat Textiles & Real Estate Ltd. and Eskay Knit (India) Ltd. for alleged cheating and fraudulently availing loans of Rs 524 crore from Bank of India and Andhra Bank in Mumbai during the year 2008.
“ED investigated upon money trails for ascertaining and identifying the Proceeds of Crime (POC) and accordingly Empress Mall at Nagpur was provisionally attached under the provisions of PMLA, 2002, which was subsequently confirmed by the Adjudicating Authority,” said the ED in a statement.
A chargesheet under the money laundering act has been filed before a Mumbai court against the alleged accused.