The Enforcement Directorate has attached immovable properties of Sarvana Stores (Gold Palace) Chennai amounting to over 234 crore rupees in a money laundering cases for defrauding Indian Bank.
ED had initiated an investigation based on the FIR registered by the CBI, Chennai. It is alleged that the partners of the company conspired with unknown Public Servants and others to cheat Indian Bank, Chennai. The investigation revealed that the company had applied for sanctioning of loan by fabricating a Balance Sheet and projecting sound financial health of the firm. ED said, the investigation also revealed that the accused persons transferred the assets without the knowledge of the Bank and used the cash credit limits to repay the term loan and diverted the funds.
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