ED attaches properties of Surya Vinayak Industries of Rs 66 crore under PMLA case.

On Thursday, the Enforcement Directorate (ED) said it has attached properties to the tune of Rs 66 crore of many persons implicated in a case involving Surya Vinayak Industries in a Rs 2,206 crore bank scam.

The ED, in a report, said that in the case of Surya Vinayak Industries Ltd. and its group companies under the Prevention of Money Laundering Act, the authority has attached properties to the tune of Rs 66.49 crore in the form of immovable or movable property belonging to different persons.

The linked properties consist of eight housing lands, one farmhouse, six residential flats, around 22 acres of farmland, four fixed deposits, preference and equity shares of limited companies.

The ED conducted its investigation against Sanjay Jain, Rajiv Jain, Surya Vinayak Industries Ltd and others on the basis of an FIR and charge sheet lodged by the Central Bureau of Investigation for fraud, cheating and causing unfair damage to public sector banks.

“In the process of the investigation, it was discovered that Sanjay Jain and Rajiv Jain, who were directors of Surya Vinayak Industries Ltd, had used fraudulently Rs 2,240 crore loans from different banks on the basis of fake documents, falsified books of accounts, bogus purchase invoices produced, accommodation entries etc.

“The accused routed the loan sums by bank accounts of various firms and institutions operated by them to an organization called Falcon Jersey Pvt. Ltd, which eventually used or parked in the form of immovable or movable properties in various locations such as Gurugram, Faridabad, New Delhi, Sonipat, Bhiwadi, Noida and Kolkata on behalf of different persons,” it alleged.

The ED said the accused persons allegedly obtained properties in this manner by revolving bank loans in a maze of transactions to hide the source. This is the first attachment by ED in the case.