Bank loan fraud: ED attaches Rs 483-crore assets of Kolkata business group
New Delhi: Assets worth Rs 483 crore of a Kolkata-based group have been attached by the ED in connection with an alleged multi-crore bank loan fraud case, officials said Tuesday.
They said the agency has issued a provisional order, under the Prevention of Money Laundering Act (PMLA), for attachment of properties of the Tayal group of companies.
Sources said the group had availed loans of Rs 524 crore from the Bank of India and Andhra Bank in 2008 which was allegedly defrauded by it using a "maze of shell or illegal companies."
This is the second PMLA case against the Tayal group as it was already being probed by the agency for alleged loan fraud against UCO Bank and assets worth Rs 234 crore of the business group were attached by it in 2016.
The agency has also filed a charge sheet in the UCO Bank case before a special PMLA court in Kolkata.
"The agency has been able to recover almost the entire amount of loan fraud through these attachments which will now face judicial scrutiny. The role of bank officials in the second case is under probe," a senior official said.
The ED had taken over the case against the Kolkata based group on the basis of a CBI FIR.
"During investigation, it was revealed that the said companies under the umbrella of Tayal group of companies, represented by promoter Praveen Kumar Tayal, were involved in large scale fraud perpetrated on several nationalised banks across the country.
"During investigations, it was revealed that the funds received from the banks by the said Tayal group of companies for specific purpose were siphoned off through a maze of fictitious companies and from there to unknown destinations," the ED had earlier said.
The utilisation of funds, as claimed by the said Tayal group of companies were found to be fictitious. From the trail of funds, it is abundantly clear that the said funds were laundered through its group companies, it said.
"Nevertheless, the said Tayal group of companies despite having a large amount of liabilities to banks, acquired a number of properties and also placed huge amounts in bank accounts, which are believed to represent the value of the proceeds of crime," it said in 2016 while describing the modus operandi of the alleged fraud.
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We received request; will decide soon whether to support TVK: Thirumavalavan
Chennai (PTI): VCK leader Thol Thirumavalavan on Thursday said that his party received a request from TVK for support and the high-level committee of his party will decide whether to support the Vijay-led party to form the government.
The TVK won 108 seats in the 234-member Assembly and emerged as the single largest party. Vijay will have to resign from one of the two constituencies he has won.
Though the Congress party, which has five MLAs, has extended support to TVK, the actor-politician-led party was still short of as many seats to touch the magic number of 118, the majority mark in the 234-member House.
"We received the request letter from TVK. We are thankful for that. We have not ignored his (Vijay's) request. We have a procedure. Therefore, our party's high-level committee will decide soon. We are going to discuss the merits and demerits of our position," the VCK leader told reporters here.
With regard to the delay in the governor's call to the TVK, which is the single largest party, to form the government, Thirumavalavan requested the governor to invite Vijay to form the government. "It is a constitutional right and people's verdict," he added.
Asserting that the governor cannot say that Vijay should hold 118 MLAs' support now itself to form the government, he said that after taking over power, Vijay has to prove an absolute majority only on the floor of the Assembly.
VIDEO | Chennai: VCK chief Thol Thirumavalavan (@thirumaofficial) says, “The Governor has no right to ask Vijay to prove his numbers or absolute majority of 118 before inviting him to form the government. He should first assume charge as Chief Minister, as it is the people’s… pic.twitter.com/sok3faXWBT
— Press Trust of India (@PTI_News) May 7, 2026
