ED seizes property worth Rs 1,100 crore of Vadodara-based Diamond company in #BankFraudCase

Vadodara, April 24: The Enforcement Directorate (ED) taking a stringent action against Vadodara-based Diamond Power Infrastructure Limited (DPIL) Private Limited and seized assets worth Rs 1,100 crore in connection with its money laundering investigation in a bank fraud case.

 

Notably, Vadodara-based Diamond Power Infrastructure Limited (DPIL) Private Limited is accused of cheating various banks to the tune of Rs 2,654 crore. DPIL through its related entities gained funds fraudulently by twisting and manipulating the facility of Letter of Credit from the banks.

Therefore, ED attached properties worth Rs 1,100 crore of DPIL in connection with its money laundering probe in a bank fraud case. The attachment also includes the properties of the owners of the company Suresh Bhatnagar and his sons.

 

The central probe agency in a tweet said, “ED attaches properties worth Rs. 1122 Crores of M/s Diamond Power Infrastructure Pvt. Ltd., Vadodara (DPIL) & others belonging to Suresh, Amit & Sumit Bhatnagar under PMLA in a Bank fraud case.”

Earlier, the Enforcement Directorate had filed a criminal case against the DPIL and its promoters under the Prevention of Money Laundering Act (PMLA), after taking cognizance in the FIR registered by CBI. However, the ED had searched its premises last month.

Interestingly, the biggest fraudulent case hit Mumbai in the month of February where Punjab National Bank reported that it has detected fraudulent and unauthorized transactions in one of its branches in Mumbai. The cumulative fraud amounts stand to Rs 13000 crores.