ED Attaches Rs 31 Crore Worth Properties In A Rs 158 Crore Bank Fraud Case

HYDERABAD:  The Enforcement Directorate (ED)   on Tuesday, attached  immovable and movable properties totalling to Rs 31.89 Crore held in the name of Narender Kumar Patel, Madhu Maruswamy, Jigishben Patel and M/s Inrhythm Energy Limited under the Prevention of Money Laundering Act, 2002 (PMLA) in a Rs 158 Crore bank fraud case.

As per reports  the ED provisionally attached half a dozen immovable and four movable properties held in the names of the above mentioned accused after identifying these properties, a provisional attachment order was issued on March 15 and prosecution complaint was filed on March 16 before the PMLA special court.

The attached assets are located in and around Hyderabad and Visakhapatnam and belong to the accused Narender Kumar Patel and his associates, who were were involved in defrauding several banks to the tune of Rs 158 Crore, according to a press release.

ED attaches immovable and movable properties totaling to ₹ 31.89 Crore held in the name of Narender Kumar Patel, Madhu Maruswamy, Jigishben Patel and M/s Inrhythm Energy Limited under PMLA in a Bank Fraud case. pic.twitter.com/Fi8xYnAdN7

— ED (@dir_ed) March 16, 2021

Narender Kumar Patel, his wife Jigishben Patel and Madhu Maruswamy fled India and settled in the US after a complaint was filed against them by the CBI. The ED caught   and arrested Narender Kumar Patel on January 16, 2021 when he landed at Ahmedabad international airport. He was  remanded to ED custody and is presently in judicial custody. The remaining two main accused are still in USA.

They fraudulently obtained loans of Rs 65 Crore from SBI, Rs 37 crore from erstwhile State Bank of Bikaner and Jaipur, Rs 25 crore from EXIM Bank, Rs 12 Crore from DCB Bank, Rs 10 Crore from erstwhile Dena Bank and Rs 9 Crore from Bank of Maharashtra totalling to Rs 158 Crore. They submitted fabricated property documents and properties with legal disputes, to get these loans and siphoned off the money through third party entities and other fraudulent transactions, the press release said.