Mar 16, 2017 09:48 AM IST | Source: Moneycontrol.com

NSEL Scam: ED attaches Rs 414 crore of Laxmi Group companies

The Enforcement Directorate has provisionally attached properties worth Rs 415 crore of Laxmi Group companies in an on-going money laundering case, connected with the NSEL scam.

NSEL Scam: ED attaches Rs 414 crore of Laxmi Group companies

Moneycontrol News

The Enforcement Directorate has provisionally attached properties worth Rs 415 crore of Laxmi Group companies in an on-going money laundering case connected with the NSEL scam.

The agency has attached company’s land, building, godowns and real estate of the company.

In the NSEL scam, the accused entered into a criminal conspiracy to defraud the investors, inducing them to trade on the NSEL platform and also created forged documents.

NSEL committed criminal breach of trust against approximately 13,000 investors to the tune of Rs 5,600 crore. Out of this amount, Rs 720 crore went to the LOIL group of companies.

Chandigarh-based LOIL had fraudulently obtained NSEL’s funds, which was later diverted towards Lakshmi Energy & Foods Limited. The latter used the funds for procurement of raw material and plant expansion.
Sections
Follow us on
Available On