February 3

Enforcement Directorate (ED) has provisionally attached assets worth ₹268.66 crore of Agnite Education Ltd (earlier Chennai-based Teledata Informatics Ltd) & others under PMLA, 2002 in a bank fraud case.

ED initiated money laundering investigations on the basis of two FIRs– registered by CBI, BS&FC, Bangalore against Agnite Education and its directors K Balasubramaniam and K Padmanabhan, and another FIR registered by CBI, EOB, Chennai, against Teledata Marine Solutions Ltd & its directors K Balasubramaniam and K Padmanabhan, says a release from ED.

Defrauded SBI of ₹479 cr

Investigation by ED revealed that Agnite Education & Teledata Marine availed various credit facilities from State Bank of India and defrauded the bank to the tune of ₹479 crores.

Agnite Education, Teledata Marine and its subsidiaries fraudulently acquired movable properties in the form of 5 LPG ships, one oil tanker & bank balances abroad by making sham investments and related party transactions (subsidiaries, associate companies, common director companies) to inflate balance sheets for availing bank loans and expenses for siphoning and diverting funds for promoters benefit.

Most of such associate companies have been found to be untraceable on verification. Further, they have parked the funds availed through bank loans in the form of assets (bank balance, properties) in Austria, Thailand and Bangladesh, using the above modus operandi.

To prevent sale of the said properties, which are proceeds of crime and to prevent frustration of further proceedings under PMLA, 2002, movable assets (in the form of shares, carrier ships & bank balances), of Agnite Education, Teledata Marine & associate companies, to the tune of ₹268.66 crores, have been provisionally attached, the release said.