Money laundering case: Surya Pharma properties worth Rs 185 crore attached by ED
PMLA Investigation revealed that the modus operandi of the said fraud was availing Letter of Credits (LCs) in lieu of bogus invoices and discounting these LCs by the associated entities.
New Delhi: The Directorate of Enforcement (ED) has attached properties worth Rs 185.1 crore belonging to Surya Pharmaceuticals Ltd in a money laundering case.
The attached properties include building, plant, and machinery, the ED said in a statement on Tuesday.
The enforcement agency has taken the action under the Prevention of Money Laundering Act (PMLA), 2002.
ED initiated an investigation under the provisions of PMLA, 2002 on the basis of 2 FIRs registered by CBI on the complaint of State Bank of India, Chandigarh, and Punjab and Sind Bank, Karnal against Surya Pharmaceuticals Ltd, its Managing Director Rajiv Goyal and others for defrauding the banks to the tune of Rs 828 crore.
PMLA Investigation further revealed that the modus operandi of the said fraud was availing Letter of Credits (LCs) in lieu of bogus invoices and discounting these LCs by the associated entities.
Through web of fraudulent transactions, they siphoned off the proceeds of the credit facilities taken from the banks and used for the purchase of various assets in the name of the company, individuals, and associated entities.
Medical Dialogues team had earlier reported that more than ₹ 20 crore worth of assets had been attached under the anti-money laundering law in the alleged bank fraud case against Gujarat-based pharmaceutical group Sterling Biotech.
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