Directorate of Enforcement (ED) has provisionally attached properties worth over ₹1 crore relating to a bank fraud case against Zoya Resorts and Hotel, Shimla, Himachal Pradesh.

“Attached assets consists of two plots belonging to Zoya Resorts and Hotel including construction over them situated at Mohal Sadhora village in Shimla and one flat belonging to Lal Chand Shyam situated at Royal Oaks Apartment in Mauja Kaithu at Shimla,” a press statement released by ED said.

ED initiated investigation by registering its case under the provisions of Prevention of Money Laundering Act, 2002. “The investigation has revealed that a loan of ₹1.55 crore was sanctioned by Central Bank of India, Shimla to Zoya Resorts and Hotel, out of which ₹1.25 crore was disbursed to the current account of Zoya Resorts and Hotel in gross violation of the terms and conditions laid down in the loan agreement,” the probe revealed.

Rajesh Mukhyan and Neenu Shyam who are partners in Zoya Resorts and Hotel and Lal Chand Shyam who was a guarantor of loan availed in connivance with the officials PK Srivastava, the then Chief Manager and Indira Kashyap, the then Senior Manager in Central Bank of India had entered into a criminal conspiracy even at the stage of loan application and defrauded bank by receiving funds amounting to ₹1.25 crore. Then routed these funds through other accounts and did not use it for the purpose, for which it was actually sanctioned.

“The loan account finally turned into Non Performing Assets (NPA) with outstanding amount of ₹1.53 crore. Identified assets totalling to ₹1.08 crore being proceeds of crime in this case under section 2(1)(u) of the PMLA, 2002, have been attached,” stated the ED press note.

Related Topics
comment COMMENT NOW