ED attaches Rs 268.66 crore assets in bank fraud case

The Enforcement Directorate (ED) has provisionally attached assets worth Rs 268.66 crore of Chennai-based Agnite Education Limited and others under the Prevention of Money Laundering Act (PMLA) in a case pertaining to bank loan fraud of Rs 479 crore.

The alleged accused had purchased movable and immovable assets in Bangladesh, Thailand and in Austria by diverting the loan account, ED said on Thursday.

The ED initiated money laundering investigation on the basis of the FIR registered by the CBI, BS&FC, Bangalore against Agnite Education Limited (Formerly Teledata Informatics Limited) and its directors K. Balasubramaniam and K. Padmanabhan.

A second FIR was also registered by the CBI, EOB, Chennai against Teledata Marine Solutions Limited where K. Balasubramaniam and K. Padmanabhan both were directors.

Investigation conducted by ED revealed that Agnite Education and Teledata Marine Solutions availed various credit facilities from State Bank of India and defrauded the bank to the tune of Rs 479 crore.

Both the companies and its subsidiaries fraudulently acquired movable properties in the form of 5 LPG Carrier Ships, 1 Oil Tanker and bank balances abroad by making sham investments, related party transactions to inflate balance sheets for availing bank loans and expenses for siphoning and diverting funds for promoters' benefit.

Most of such associate companies were found to be untraceable on verification.

The ED in its investigation learnt that they have parked the funds availed through bank loans in the form of assets in Austria, Thailand and Bangladesh, using the above modus operandi.

"In order 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) to the tune of Rs 268.66 crore of Agnite Education Limited and Teledata Marine Solutions Limited and associate companies have been provisionally attached," said an ED official.

Further probe in the matter is underway.