New Delhi : , Nov 22, 2002 – The Enforcement Directorate attached 11 immovable property worth Rs 42.36 million to Shree Mahalaxmi Corporation Pvt., a Kolkata-based company.Ltd in accordance with the Prevention of Money Laundering Act 2002 (PMLA), in connection to a case of bank fraud. Based on a case that was registered March 28, 2017, and a chargesheet filed December 30, 2019, by CBI under sections of the Prevention of Corruption Act 1988 and Indian Penal Code 1860, the agency initiated money laundering investigations.
Mahalaxmi Corporation Pvt.was charged with the offense.Ltd and its directors, as well as other individuals, were charged with defrauding State Bank of India up to Rs.164 crore.They took out loans on false and forgeried documents, and used the loan amount for purposes other than those for which they were sanctioned.
The agency stated that an investigation under PMLA showed that Rs.164 crore of a loan was deviated after it rotated amongst bank accounts held by different entities.It also gave colour to genuine business transactions.
Further, it was revealed that Letters of Credit (LCs) were opened under the names of various companies to secure credit.
These LCs were then discounted on the ground of forged invoices or challans.
The Letters of Credit funds were then laundered, and siphoned off.
The agency stated that further investigation was underway.
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