ED attaches property worth Rs 26.25 crore of Diamond Power Infra

NEW DELHI : In a bank fraud case, the Enforcement Directorate (ED) announced on Monday that immovable assets worth Rs 26.25 crore in the shape of land, residential and commercial properties of Diamond Power Infrastructure Ltd and others have been provisionally attached. With this, the case's total attachment has increased to Rs 1,128.97 crore.

"The property of Diamond Power Infrastructure Ltd (DPIL) and its former Directors, Promoters, and family members was attached. This is a case of bank fraud. We seized property worth Rs 1,122.72 crore from the accused in 2018 "According to an official from the Department of Education.

On the basis of a CBI case filed against DPIL and others for commission of an offence under sections 420, 467, 468, 471 r/w 120-B of the IPC and section 13(2) read with section 13(1)(d) of the Prevention of Corruption Act, 1988, the ED launched a money laundering probe.

DPIL obtained term loans/working capital loans, external commercial borrowings, and non-convertible debentures from a consortium of 19 banks and institutions, according to the ED's inquiry.

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