The Enforcement Directorate (ED) on Tuesday attached property worth Rs 1,122 crore belonging to Vadodara-based DPIL firm in connection with a Rs 2,654.40 crore bank fraud case. The ED has also attached some belongings of promoter-directors of the Diamond Power Infrastructure Pvt. Ltd. -- Suresh Narain Bhatnagar, his two sons Amit Suresh Bhatnagar and Sumit Suresh Bhatnagar under Prevention of Money Laundering Act (PMLA).
The DPIL, which deals in cables and other electrical equipment, is alleged to have availed credit facilities fraudulently since 2008, leaving behind a total outstanding debt of Rs 2,654.40 crore as of June 29, 2016 sanctioned by a consortium of banks and private organisation. The Central Bureau of Investigation (CBI), which is also probing corruption charges in the case, had on April 18 arrested the three from Udaipur in Rajasthan nearly 23 days after it filed an FIR against them.
The ED is probing financial irregularities under money laundering case it has filed based on the CBI FIR.
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