PMLA Case: ED Attaches Assets Worth Rs 21 Cr Of 3 Firms In Bhubaneswar

Bhubaneswar: The Enforcement Directorate (ED) has attached immovable and movable assets worth Rs 21.19 crore of three companies and their directors for allegedly cheating the Central Bank of India in Bhubaneswar.

The directors of the three firms – RSS Damoh-Hirapur Tolls private limited, ARSS Infrastructure projects limited, and Anil Contractors private limited – are accused of misappropriating Rs 22.42 crore. The attached assets include immovable property worth Rs 11.82 crore and bank balances to the tune of Rs 9.37 crore, sources said.

The central agency had launched an investigation under the Prevention of Money Laundering Act (PMLA) after the CBI office in Kolkata had registered a case and filed the chargesheet against ARSS Damoh-Hirapur and others for misappropriating a loan amount.

The investigation revealed that ARSS had availed the loan to execute the Damoh-Hirapur road project in Madhya Pradesh. The contract, however, was terminated by Madhya Pradesh Road Development Corporation Limited after it failed to complete the work on time.

A term loan amounting to Rs 56.29 crore was disbursed in favour of ARSS Damoh-Hirapur during 2011-2012. The accused allegedly diverted it to regularise the irregular cash credit loan account of ARSS Infrastructure in State Bank of India’s commercial branch here. The loan amount was even diverted to other bank accounts of ARSS Infrastructure and Anil Contractors, the sources added.