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29
March 2017
The
Enforcement Directorate Tuesday attached assets worth Rs 263.10 crore of
Hyderabad-based Deccan Chronicle Holdings Limited (DCHL) in a bank loan fraud
case.
The
properties, including movable and immovable assets, shares, bank balances,
foreign currency receivables and luxurious cars, were attached under the
provisions of the Prevention of Money Laundering Act (PMLA). The Total Investment & Insurance Solutions
These
properties are other than the properties pledged to banks by DCHL, the ED said
in its provisional order. The Total
Investment & Insurance Solutions
The
bank loan fraud caused a loss of Rs 1,161.93 crore to 6 public sector banks --
Canara Bank, Andhra Bank, Indian Overseas Bank, Central Bank of India,
Corporation Bank and IDBI Bank.
The
ED had booked a case under the PMLA against the company and others based on a
FIR and chargesheet by the Central Bureau of Investigation (CBI).
The
CBI registered the FIR for criminal conspiracy and other provisions for causing
wrongful loss of Rs 357.77 crore to Canara Bank. The Total Investment & Insurance Solutions
The
CBI registered five more FIRs relating to five PSU Banks and filed 6
chargesheets.
The
DCHL had allegedly availed loans by overstating the receivables, under-stating
huge loan liabilities by furnishing fabricated financial statements and not
disclosing the loans.
In
all, it availed 111 loans amounting to Rs 10,000 crore from 16 different banks
during 2004 to 2012. The Total Investment
& Insurance Solutions
Of
this, Rs 2,800 crore is outstanding to various banks as on September 2012
excluding interest.
These
loans were used for other than the specified purposes, investing in 20 group
companies and firms, acquiring companies with huge premiums, payments to Airbus
towards purchase of cargo aircraft and payments to BCCI for Indian Premier
League franchisee of Deccan Chargers.
The
loans were also used payments towards dividends declared by DCHL, buy-back of
shares, issue of bonus shares, purchase of luxurious cars in the name of
associates/group companies, repayment of earlier loans taken, among others.
According
to ED, the group companies of DCHL acquired movable and immovable properties
with the loan received from DCHL and did not disclose the same in the audited
balance sheet of the companies concerned with a view to obscuring the identity
of such properties which amounted to money laundering.The Total Investment & Insurance Solutions
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