1 day ago
ED raids Kolkata premises over alleged IBC misuse, loan fraud
The Enforcement Directorate searched 12 places in Kolkata.
It is investigating alleged money laundering and a bank loan fraud worth more than Rs 820 crore.
Officials accuse the Tayal Group of giving banks false information about its business and machinery.
They also allege that money was moved through companies controlled by the promoters.
Some of the money was allegedly invested in properties, including Empress Mall in Nagpur.
The agency says insolvency proceedings were then used improperly to affect control of company assets.
Officials also accuse resolution professionals of accepting unverified claims and hiding important information from courts.
The company and its representatives could not be reached for comment.
The Enforcement Directorate searched 12 Kolkata premises in a money-laundering investigation.
The Tayal Group is accused of bank loan fraud exceeding Rs 820 crore.
Officials allege the group falsified declarations, stock statements and machinery transactions.
The agency says loan proceeds were routed through shell entities into real estate, including Empress Mall.
Officials allege promoter-linked entities misused insolvency proceedings and that resolution professionals concealed key information from courts.
- Who
- The Enforcement Directorate is investigating the Tayal Group, promoter-linked entities and resolution professionals involved in the proceedings.
- What
- The agency conducted searches in an alleged bank loan fraud, money-laundering and misuse of the Insolvency and Bankruptcy Code.
- Where
- Twelve premises in Kolkata were searched; the investigation also concerns Empress Mall in Nagpur.
- When
- Wednesday, September 30; the report does not specify the year.
- Why
- Officials allege that more than Rs 820 crore in bank loans were obtained through false declarations, routed through shell entities and followed by manipulated insolvency proceedings.
Key facts
- Investigating agency
- Enforcement Directorate
- Search locations
- 12 premises in Kolkata
- Alleged loan fraud
- More than Rs 820 crore
- Legal framework
- Prevention of Money Laundering Act and Insolvency and Bankruptcy Code
- Real-estate asset
- Empress Mall, Nagpur
- Company in insolvency proceedings
- KSL & Industries Ltd.
- Company response
- The company and its representatives could not be contacted for comment
Sources
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