Bank fraud: ED attaches Rs 1.08-crore assets of Shimla-based firm

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Updated: Aug 31, 2019 3:28 PM

The accused, it alleged, routed these funds through other accounts and used them for non-sanctioned purposes.

Partners of the firm, Rajesh Mukhyan and Neenu Shyam and Lal Chand Shyam (guarantor of loan availed by Zoya Resorts and Hotel) in “connivance” with the then chief manager of the bank, P K Srivastava, and former senior manager Indira Kashyap forged “a criminal conspiracy” at the stage of loan application and defrauded the bank, it charged.

The ED on Saturday said it has attached assets worth over Rs 1.08 crore of a Shimla-based company and its promoters in connection with a bank fraud and money-laundering case. It said a provisional order for attachment of assets has been issued against Zoya Resorts and Hotel under the Prevention of Money Laundering Act (PMLA). The total value of the attached properties is over Rs 1.08 crore, the agency said in a statement. “Attached assets consists of two plots of Zoya Resorts and Hotel including construction over them at Mohal Sadhora village, Shimla in Himachal Pradesh, and a flat of Lal Chand Shyam situated at Royal Oaks Apartment, Mauja Kaithu, Shimla,” the Enforcement Directorate said.

Investigation found that a loan of Rs 1.5 crore was sanctioned by the Central Bank of India, Shimla, to the firm, out of which Rs 1.25 crore was disbursed to the current account of the company in “gross violation” of the terms and conditions laid down in the loan agreement, the agency alleged. Partners of the firm, Rajesh Mukhyan and Neenu Shyam and Lal Chand Shyam (guarantor of loan availed by Zoya Resorts and Hotel) in “connivance” with the then chief manager of the bank, P K Srivastava, and former senior manager Indira Kashyap forged “a criminal conspiracy” at the stage of loan application and defrauded the bank, it charged.

The accused, it alleged, routed these funds through other accounts and used them for non-sanctioned purposes. “The loan account finally turned into a non performing asset with outstanding amount of Rs 1.53 crore,” the ED said. Investigation in the case is ongoing, it said

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