Enforcement Directorate(ED) on Wednesday conducted raids at ten locations of M/s Parekh Aluminex Ltd and its promoters in Mumbai under provisions of Prevention of Money Laundering Act, 2002 (PMLA) in connection with a bank fraud case.
The ED has already initiated the process of Provisional Attachment of Proceeds of Crime in this case. The ED has also attached an open land parcel of 47.39 acres in urban area at the outskirts of Hyderabad having registry value of Rs 46.97 Crore. The ED has also attached properties worth Rs 9778 Crores consisting of four Oil Rigs and Oil field in Nigeria, 2 Ships registered in Panama and Aircraft 200 Gulfstream registered in USA, a residential flat in London belonging to Sandesara Group and its promoters in connection with this case.
The probe conducted under PMLA against M/s Parekh Aluminex Limited has revealed that the accused had diverted the loan amounts which were taken for manufacturing purpose to non-manufacturing related activities with an intention to defraud the banks and to get personal benefits for them and their associates. The probe also revealed that that the loan amount was also illegally siphoned off to various entities amounting to Rs. 1557.45 Cr.
M/s Parekh Aluminex Ltd is Public Limited Company, which manufactures and exports aluminum foil containers and aluminum foil rolls. It is to be noted that 6 FIRs have been registered by CBI against M/s. Parekh Aluminex Limited for defrauding Indian Overseas Bank and others involving total amount of Rs. 2297 Cr. (approx.). The Economic Offense Wing of Mumbai had also registered two FIRs against the company for defrauding Federal Bank and Axis Bank involving total amount of Rs 390 Crore. The CBI is still probing this case.