Sharon Bio Medicine fraud case: ED issues provisional attachment order
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As part of the ongoing probe in the case of bank fraud against M/s Sharon Bio Medicine Limited and others, Directorate of Enforcement (ED), Mumbai Zonal Office has issued a Provisional Attachment Order for immovable assets worth Rs. 9.39 Crore (approx.), under Prevention of Money Laundering Act (PMLA), 2002. Provisionally attached assets include immovable assets in the form of flats at Pune in Maharashtra.
The Company was engaged in the development, manufacturing and commercialization of pharmaceutical products.
ED initiated investigation on the basis of FIRs registered by CBI, ACB, Mumbai against M/s Sharon Bio Medicine Limited (SBML) and others under various sections of IPC, 1860 and Prevention of Corruption Act, 1988 for committing fraud against banks by using bogus documents causing loss to the banks to the tune of Rs. 286 Crore (approx).
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