Telengana: The Enforcement Directorate (ED) announced on Thursday that assets worth Rs 43.25 crore of a Hyderabad-based firm have been seized under the anti-money laundering law in connection with an alleged bank loan fraud case.
In the case against Sheetal Refineries Ltd. and its promoter and managing director Jitender Kumar Agarwal, the agency has issued a provisional order under the Prevention of Money Laundering Act (PMLA) attaching 15 land holdings in Telangana.
An FIR lodged by the CBI in Bengaluru against the accused for "creating a total loss of Rs 87 crore" to the State Bank of Hyderabad (now SBI) and the Punjab National Bank prompted the ED to pursue a money laundering case (PNB). The accused promoters "availed credit facilities from SBH and PNB Hyderabad, by presenting fake financial statements, invoices, and other documents," the ED said in a statement.
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