Money & Banking

Bank fraud: ED attaches assets worth ₹127 cr of Pixion Media

Our Bureau New Delhi | Updated on December 31, 2019 Published on December 31, 2019

The Enforcement Directorate (ED) has attached assets worth ₹127.74 crore of immovable properties belonging to Pixion Media and its group companies in a bank fraud case that runs into ₹2,600 crore. The attached assets consist of two commercial plots, nine commercial floors of group companies situated in Mumbai, Chennai, Noida and Kolkata, according to a press statement issued by the ED.

The ED initiated investigation under Prevention of Money Laundering Act (PMLA) on the basis of seven FIRs and chargesheets filed by the CBI. Pearl Media, Mahuaa Media, Pixion Vision, Pearl Studio, Pearl Vision and Century Communication are being investigated.

Investigation revealed that the accused – PK Tewari, Anand Tewari and Abhishiek Tewari, who were directors of Pixion Group of companies – had fraudulently availed loans to the tune of ₹2,600 crore from various banks. The accused further diverted the loan amounts through bank accounts of various companies and entities controlled by them, which were finally utilised in procurement of assets at various places such as Mumbai, Chennai, Noida and Kolkata.

 

 

Published on December 31, 2019
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