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ED attaches Rs 110 cr worth assets in bank 'fraud' case against Lakhani group
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....D attaches Rs 110 cr worth assets in bank 'fraud' case against Lakhani group<BR>PTI News<BR>Dated:- 1-4-2025<BR>PTI<BR>New Delhi, Apr 1 (PTI) Assets worth more than Rs 110 crore of Lakhani India shoe company have been attached under the anti-money laundering law in an alleged bank loan fraud case, the Enforcement Directorate said on Tuesday. The federal probe agency said in a statement that the i....
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....nvestigation under the Prevention of Money Laundering Act (PMLA) against Lakhani India Limited and its group companies -- Lakhani Rubber Udyog Pvt Ltd, Lakhani Apparel Pvt Ltd along with their promoters P D Lakhani and Suman Lakhani -- stems from CBI FIRs lodged in 2021 and 2023 on charges of criminal conspiracy, cheating and fraud targeting various banks. Lakhani India Limited and its group comp....
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....anies "jointly defrauded" the Indian Overseas Bank, Punjab National Bank and Allahabad Bank by "misappropriation" and "diversion" of funds to other group companies, resulting in a "fraud" of Rs 162 crore. The companies or their promoters could not be contacted immediately for a response on the charges levelled against them by the Enforcement Directorate (ED). "Out of the business/capital loans a....
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....nd credit facilities disbursed by the complainant banks, Lakhani group, on the directions of the promoters, made sales to related parties at a loss, repaid loans of sister concerns, made unusual interest payments to the directors, etc.," the ED said in the statement. Five commercial plots measuring more than 20 acres, a two-acre farmhouse, and a commercial flat-cum-office in Delhi-NCR have been p....
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....rovisionally attached under the PMLA, it said. These properties are worth more than Rs 110 crore, it added. PTI NES ARI<BR> News - Press release - PIB....