Enforcement Directorate attaches assets worth crores; in DPIL case

money laundering probe is in a bank fraud case

Cracking the whip in a money laundering probe, the Enforcement Directorate (ED) went on to attach assets worth Rs 1,122 crore, including wind power assets and an under-construction hotel, of Vadodara-based DPIL Pvt Ltd.

The money laundering probe is in a bank fraud case.

It need be recalled that Diamond Power Infrastructure Limited (DPIL) is accused of cheating various banks to the tune of Rs 2,654 crore.

The central probe agency had filed a criminal case against the firm and its promoters.

The action has been taken under the Prevention of Money Laundering Act (PMLA).

The ED communicated that the assets of DPIL and its related companies such as Diamond Power Transformer Ltd, Diamond Projects Ltd, Mayfair Leisures and Northway Spaces have been attached as part of the provisional order.

The agency claims that the DPIL, through its related entities, was able to gain funds “fraudulently” to the tune of Rs 261 crore by manipulating the facility of Letter of Credit (LC) from the banks.

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