The Enforcement Directorate (ED) on Monday connected property of Rs 204.27 crores that was held by the Ardor Group of Corporations.
The company connected the cash below the Prevention of Cash Laundering Act, 2002 (PMLA) in a case associated to financial institution fraud.
In an announcement, the ED mentioned that it has connected property totalling to Rs 204.27 crores held by Ardor Group of Corporations below PMLA, 2002 in a financial institution fraud case.
“The connected properties embrace the industrial workplace of the corporate at SG Freeway, Thaltej, Ahmedabad; residential plot at Satellite tv for pc, Ahmedabad; 5 residential plots at Ambali, Ahmedabad; 17 residential plots at Gokul Dham, Ahmedabad; four outlets at Bodakdev, Ahmedabad; workplace premises at Ellisbridge, Ahmedabad and Ashram Highway, Ahmedabad and non-agricultural land at Surat,” it mentioned.
Stating that it initiated the probe on the premise of six FIR filed by CBI, ACB and FC, the company mentioned, “ED initiated the investigation below PMLA on the premise of 6 FIRs registered by CBI, ACB, Gandhinagar and an FIR by CBI, BS&FC, Mumbai below sections 120 B r/w 420 of IPC and 13 (2) r/w 13(1) (d) of PC Act, 1988, whereby it has been alleged that Ardor Group of Corporations and its Administrators in connivance with unknown Financial institution officers have cheated and brought on wrongful loss to the consortium of banks amounting to Rs 488 crores (approx).”
The investigation carried out by ED mentioned that Bharat Shah, Fenil Shah and Geetaben Shah administrators of Ardor Worldwide Ltd, Ardor International Pvt. Ltd. and Chem Edge Worldwide Pvt. Ltd. indulged in round routing of the funds acquired out of credit score restrict sanctioned by the consortium of banks.
The three officers inflated the financials of their firms for growing the credit score services from the consortium of banks lead by Financial institution of India, the assertion added.