ED attaches 67 windmills of TN company in Rs 3,986 cr money laundering case

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New Delhi: The Enforcement Directorate (ED) on Tuesday provisionally connected 75 immovable properties, together with 67 windmills value Rs 113.32 crore belonging to the Chennai-based Surana Group of Companies beneath the provisions of the Prevention of Money Laundering Act (PMLA ), 2002 in reference to three instances of financial institution fraud of Rs 3,986 crore. ED has initiated a money laundering investigation primarily based on three FIRs lodged by the Central Bureau of Investigation towards Surana Industries Limited & Others, Surana Power Limited & Others and Surana Corporation Limited & Others.

The investigation revealed that the three Surana group firms defrauded the banks by operating an internet of shell firms in which they appointed their staff as administrators, house owners and companions and indulged in paper transactions with them with out to really transfer the products.

The credit score capital of the banks was layered in the private accounts of the promoters of the company by projecting the financial institution funds as unsecured loans from their related shell firms, and the identical funds had been subsequently injected into the principle group firms as half of the Promoters contribution to the DP limits to enhance.

It was additionally revealed throughout investigations that Surana Group had firms in the Cayman Islands in addition to the British Virgin Islands in the title of dummy administrators and siphoned off money to park in these firms. For the mentioned function they arrange 4 firms in Singapore and exported items to them and the money acquired from them was written off in the account e-book in India.

Furthermore, some of the diverted funds had been used to buy movable in addition to immovable properties in the title of varied unnamed firms. This motion of the officers of the Surana Group resulted in the accounts turning into irregular, which in the end led to accounts turning into non-performing belongings, ensuing in an quantity of Rs 3986 Crore because the Principal Outstanding quantity to the banks.

Based on the investigation carried out, Shri Dinesh Chand Surana, Managing Director of M/s Surana Industries Limited & M/s Surana Power Ltd, Shri Vijay Raj Surana, Managing Director of M/s Surana Corporation Limited and two sham administrators of shell firms viz. . Shri P Anand and Shri I Prabhakaran, had been arrested on twelfth July. The Chief Sessions (*67*) in Chennai remanded them in judicial custody.

In the course of the investigation, it got here to mild that 67 wind generators of Surana Group which had been auctioned by banks to get better their dues, once more in the title of the come to me company.

On the idea of the investigation carried out, 67 windmills with a land worth of Rs 51.69 crore and varied immovable properties value Rs 61.63 crore belonged to Shri Ramlal Jain, who pooled the proceeds of crime in his common enterprise and valued a complete worth of Rs 113.32 crore, provisionally connected. beneath the provisions of PMLA.

(With company enter)

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