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TMI BlogED attaches Rs 110 cr worth assets in bank 'fraud' case against Lakhani groupX X X X Extracts X X X X X X X X Extracts X X X X ..... ED attaches Rs 110 cr worth assets in bank 'fraud' case against Lakhani group X X X X Extracts X X X X X X X X Extracts X X X X ..... investigation under the Prevention of Money Laundering Act (PMLA) against Lakhani India Limited and its group companies -- Lakhani Rubber Udyog Pvt Ltd, Lakhani Apparel Pvt Ltd along with their promoters P D Lakhani and Suman Lakhani -- stems from CBI FIRs lodged in 2021 and 2023 on charges of criminal conspiracy, cheating and fraud targeting various banks. Lakhani India Limited and its group com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... panies "jointly defrauded" the Indian Overseas Bank, Punjab National Bank and Allahabad Bank by "misappropriation" and "diversion" of funds to other group companies, resulting in a "fraud" of Rs 162 crore. The companies or their promoters could not be contacted immediately for a response on the charges levelled against them by the Enforcement Directorate (ED). "Out of the business/capital loans ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and credit facilities disbursed by the complainant banks, Lakhani group, on the directions of the promoters, made sales to related parties at a loss, repaid loans of sister concerns, made unusual interest payments to the directors, etc.," the ED said in the statement. Five commercial plots measuring more than 20 acres, a two-acre farmhouse, and a commercial flat-cum-office in Delhi-NCR have been ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... provisionally attached under the PMLA, it said.
These properties are worth more than Rs 110 crore, it added. PTI NES ARI X X X X Extracts X X X X X X X X Extracts X X X X
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