ED Attaches Properties Worth ₹53.95 Crore in Parekh Aluminex Bank Fraud Case; Total Attachment Reaches ₹546 Crore
Mumbai : The Enforcement Directorate (ED), Mumbai, has provisionally attached properties valued at approximately ₹53.95 crore under the Prevention of Money Laundering Act (PMLA), 2002, as part of its ongoing investigation into an alleged bank fraud involving M/s Parekh Aluminex Limited (PAL) and others.
According to the investigation, Parekh Aluminex Limited allegedly defrauded a consortium of banks of approximately ₹2,296 crore by submitting inflated and misleading stock and debtor statements to obtain and maintain loan facilities. These allegedly manipulated financial records gave banks an incorrect picture of the company’s actual financial position and the value of its available assets.
The alleged irregularities eventually resulted in the company’s loan accounts being classified as Non-Performing Assets (NPAs), causing substantial financial losses to the lending institutions.
As part of its ongoing money laundering investigation, the ED has been tracing assets believed to be connected with the alleged proceeds of crime. The latest attachment of properties worth ₹53.95 crore is another significant step towards identifying and securing assets linked to the suspected financial fraud.
With this latest action, the total value of properties provisionally attached by the ED in the case has reached approximately ₹546 crore.
The investigation remains focused on uncovering the financial trail, identifying assets linked to the alleged fraud and taking further action under the provisions of the PMLA.
News Source: Enforcement Directorate (ED) – Official Press Release
