Enforcement Directorate has attached immovable assets worth 166 crore rupees of Varron Group of Companies and its promoter located in Mumbai, Pune and Ratnagiri.
The agency had initiated the money laundering investigation on the basis of an FIR registered by the CBI against the Director of Varron Industries and unknown banking officials of Bank of India and Canara Bank.
The investigation by ED revealed that a criminal conspiracy was hatched by the Director and his accomplices to cheat Bank of India by inducing it to discount 246 forged bills backed by the Letter of Credit of around 300 Crore rupees opened by Canara Bank, Pune on behalf of Varron Aluminium Pvt Ltd.
Bank of India negotiated and discounted the amount of the said bills in account of the company after deducting its charges. An amount of 293 Crore rupees was credited in the account of the company on the basis of false assurances and forged documents.