The Enforcement Directorate (ED) has provisionally attached immovable properties worth ₹483 crore registered with KSL&Industries Ltd, Mumbai, under the Prevention of Money Laundering Act (PMLA), 2002, in bank fraud case.

The properties attached consist of commercially diverted land of 2,70,374 square feet along with a shopping mall in Nagpur KSL & Industries Ltd that comes under the Tayal group of companies.

In 2008, Mumbai-based Actiff Corporation, Jaybharat Textiles & Real Estate, KKTL, and Eskay Knit (India) of the Tayal group borrowed ₹524 crore by defrauding the Bank of India and Andhra Bank.

“They have diverted these funds through of a maze of shell companies. Funds were routed through these shell companies to the companies of the said Tayal group and used up for creation of assets in the name of KSL & Industries, Mumbai,” the ED said.

“These immovable property are in the form of a mall situated at Nagpur having value of ₹483 crore has been provisionally attached being proceeds of crime and are involved in money laundering. Earlier in another similar case involving UCO Bank, properties worth ₹234 crore of the Tayal group was also attached. The total attachment is worth ₹717 crore,” the ED added.

The Tayal group of companies is promoted by one of the family members of Pravin Kumar Tayal, who siphoned off funds obtained from UCO Bank. Money trails of the same were identified and prime properties at Mumbai having market value of ₹234 crore were also attached under PMLA.

A Prosecution Complaint has also been filed in the matter before the learned Special Court under PMLA for commission of offence under Section 3 of Prevention of Money Laundering Act.

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