RS. 56 CRORE ASSETS ATTACHED AGAINST CHARTERED ACCOUNTS AND OTHERS
BY ED IN SYNDICATE BANK FRAUD CASE
The Enforcement Directorate (ED) has provisionally attached immovable and movable properties worth Rs 56.81 crore in form of agricultural land, plots, shops, offices, flats, FDs, and bank accounts belonging to alleged fraudsters Bharat Bomb, Shankar Lal Khandelwal and their other associates under the Prevention of Money Laundering Act (PMLA), 2002, in the Syndicate Bank fraud case.
The Enforcement Directorate (ED) has attached immovable and movable properties valued at Rs.56.81 crore belonging to Rajasthan’s Udaipur-based Chartered Accountant Bharat Bomb and their other associates in Syndicate Bank fraud case amounting to Rs. 1,267.79 crore, the agency said on Monday.
The ED initiated a money-laundering investigation on the basis of the First Information Report (FIR) registered and the charge sheet filed by the Central Bureau of Investigation against the officials of the erstwhile Syndicate Bank (now Canara Bank) and others.
During the investigation, it was revealed that from 2011 to 2016, the alleged main fraudster and Udaipur (Rajasthan)-based Chartered Accountant Bharat Bomb, in collusion with the bank officials defrauded the then Syndicate Bank to the tune of Rs 1267.79 crore.
ED said that “The modus operandi of the fraudsters included getting loans sanctioned in their name or in the name of family members and fake cheque discounting purported to be issued by the shell companies controlled by Bharat Bomb. The loans were never repaid by the fraudsters,”
An investigation by the ED revealed that proceeds of crime generated out of the fraud were transferred by Bharat Bomb to various bank accounts operated and controlled by him, through a complex maze of transactions for placement, layering and integration of the tainted funds.
The ED said that Bharat Bomb invested these tainted funds in immovable properties in the name of himself, his family members, associates, employees, tribal persons, fictitious firms and companies. Earlier, during the investigation in the matter, the ED had issued four provisional attachment orders towards cumulative attachment of assets worth Rs 478.66 crore. Additionally, a seizure of Rs. 2.25 crore in the form of a demand draft was also carried out.
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