The Enforcement Directorate (ED) on Thursday said it has taken possession of a shopping mall worth Rs 483 crore in Maharashtra’s Nagpur in connection with a money laundering probe linked to an alleged bank loan fraud.
The agency took “physical possession” of Empress Mall after the adjudicating authority under the Prevention of Money Laundering Act (PMLA) approved its provisional order attaching the property, according to an official statement.
The mall is constructed on a commercially diverted land of 2,70,374 square feet, worth Rs 483 crore and is in the name of KSL & Industries Ltd, it said.
The ED added that the action was taken against Tayal Group of Companies, including Actiff Corporation Ltd, Jaybharat Textiles & Real Estate Ltd and Eskay Knit (India) Ltd, for “alleged cheating and fraudulently availing loans to the amount of Rs 524 crore from Bank of India and Andhra Bank, Mumbai in 2008.”
The agency has also filed a charge sheet in the case.
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