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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Bengal polls: TMC seeks removal of Bhabanipur poll official, alleges proximity with BJP's Suvendu
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Kolkata (PTI): The TMC sought the immediate removal of the returning officer for the Bhabanipur assembly constituency in West Bengal, alleging he has proximity with BJP candidate Suvendu Adhikari.
In a representation submitted to Chief Electoral Officer Manoj Kumar Agarwal on Friday, the ruling party raised objections to the appointment of RO for the Bhabanipur seat in southern Kolkata.
The party alleged that the returning officer has a “documented and close association” with Adhikari, who is contesting from Bhabanipur against Chief Minister Mamata Banerjee.
Adhikari is also in the electoral fray from Nandigram in Purba Medinipur district.
According to the complaint, the RO had earlier served as block development officer in Nandigram-II, where his proximity to Adhikari was allegedly visible in public engagements.
The TMC claimed that such an association creates a “reasonable apprehension of bias” and "compromises the neutrality" required for conducting elections.
The party also questioned the RO's current posting as additional director of land records, stating that the position is typically held by more senior officers.
The TMC alleged that his appointment to the role, particularly ahead of elections, raises concerns of “preferential and motivated deployment”.
Emphasising the critical role of a returning officer, the TMC said the official is responsible for key electoral processes, including nomination scrutiny, conduct of polling and declaration of results, and therefore must be “unimpeachably neutral”.
Citing Article 324 of the Constitution and provisions of the Representation of the People Act, the Trinamool Congress argued that the Election Commission is duty-bound to ensure free and fair polls by appointing officers without any perceived bias.
On 24th March, we formally wrote to the Chief Election Commissioner and CEO, West Bengal, flagging serious concerns over the appointment of Surajit Roy as Returning Officer for Bhabanipur.
— All India Trinamool Congress (@AITCofficial) April 3, 2026
We presented clear evidence of his close ties with Suvendu Adhikari from his days as BDO,… pic.twitter.com/i6Rybh4xDt
The party also referred to the Model Code of Conduct, which mandates administrative neutrality, and alleged that the RO's continuation violates these principles.
The TMC representation noted that the Election Commission had earlier sought a panel of three alternative officers from the state government, following a complaint lodged on March 24.
While the state complied, no decision has yet been taken to replace the RO, the letter, signed by senior TMC leaders Shashi Panja, Aroop Biswas, Baiswanor Chattopadhyay, claimed.
Calling the situation "constitutionally untenable" and "electorally dangerous", the TMC urged the EC to take "immediate, reasoned and transparent action to ensure the integrity of the electoral process".
