ED attaches assets of Chennai firm worth Rs 113.32 cr in loan fraud case
The Enforcement Directorate (ED) on Tuesday said it has attached 75 immovable properties including 67 windmills valued at Rs 113.32 crore belonging to the Chennai-based Surana Group of Companies in connection with three cases of Rs 3,986 crore bank fraud.
The ED had initiated money laundering investigation on the basis of three FIRs filed by the CBI, Bengaluru against Surana Industries Limited, Surana Power Limited, Surana Corporation Limited and others.
The ED learnt during the investigation that these three companies of Surana Group had defrauded the banks by floating a web of shell companies wherein they appointed its employees, relatives as directors and proprietors, partners and indulged in paper transactions with them without actual movement of goods.
