The Directorate of Enforcement provincially attached assets, including building, plant and machinery, worth Rs. 185.1 crores belonging to Surya Pharmaceuticals Ltd and others under Prevention of Money Laundering Act (PMLA), 2002.
According to reports, CBI lodged two FIRs based on the complaint of State Bank of India, Chandigarh and Punjab and Sind Bank, Karnal against Surya Pharmaceuticals Ltd, its Managing Director Rajiv Goyal and others for defrauding the banks to the tune of Rs 828 Crore.
PMLA investigation further revealed that the modus operandi of the said fraud was availing Letter of Credits (LCs) in lieu of bogus invoices and discounting these LCs by the associated entities, the agency said.
ED said that they siphoned off the proceeds of the credit facilities taken from the banks through a web of fraudulent transactions and used for the purchase of various assets in the name of the company, individuals and associated entities.
