ED has provisionally attached property worth Rs.35.10 Crore in case of M/s Tara Corporation Limited in connection with a Bank Fraud case of Rs.40.92 Crore.
Reetu | Dec 25, 2023 |
ED attached immovable property worth Rs.35.10 Crore in Bank Fraud case of Rs.40.92 Crore
The Directorate of Enforcement (ED) has provisionally attached property worth Rs. 35.10 Crore in the case of M/s Tara Corporation Limited and others in connection with a Bank Fraud case of Rs. 40.92 Crore. The attached immovable property is situated at Malerkotla, Punjab.
The ED launched an inquiry based on an FIR filed by the ACB, CBI, Chandigarh under different provisions of the IPC Act, 1860, and the PC Act, 1988.
The loan capital was diverted to different fictitious firms from Tara Corporation Limited and then redirected and merged into Tara Health Food Limited (M/s THFL) and another sister concern by the name M/s Tara Sales Limited, according to an ED probe.
The funds obtained by Tara Health Food Limited were used for reasons different from those for which the loan was granted. Amounts totalling Rs.3.12 crore had been transferred to Jaswant Singh’s personal accounts, in addition to Rs.33.99 crore to M/s THFL.
Previously, the ED had detained Jaswant Singh Gajjan Majra, former Director of Tara Corporation Limited and Tara Health Food Limited, on November 6, 2023, under the provisions of the PMLA, 2002.
Further investigation is under progress.
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