ED attaches property worth Rs 1,122 cr of Vadodara-based DPIL firm
New Delhi, April 24 : The Enforcement Directorate (ED) on Tuesday attached property worth Rs 1,122 crore belonging to Vadodara-based DPIL firm in connection with a Rs 2,654.40 crore bank fraud case.
The ED has also attached some belongings of promoter-directors of the Diamond Power Infrastructure Pvt. Ltd. -- Suresh Narain Bhatnagar, his two sons Amit Suresh Bhatnagar and Sumit Suresh Bhatnagar under Prevention of Money Laundering Act (PMLA).
The DPIL, which deals in cables and other electrical equipment, is alleged to have availed credit facilities fraudulantly since 2008, leaving behind a total outstanding debt of Rs 2,654.40 crore as of June 29, 2016 sanctioned by a consortium of banks and private organisation.
The Central Bureau of Investigation (CBI), which is also probing corruption charges in the case, had on April 18 arrested the three from Udaipur in Rajasthan nearly 23 days after it filed an FIR against them.
The ED is probing financial irregularities under money laundering case it has filed based on the CBI FIR.
On April 9, the ED had also conducted raids at the corporate office, factory premises and the residences of the directors of DPIL.
The CBI had on March 26, filed a case against DPIL and its directors for defrauding the consortium of 11 banks. The loan availed by them was declared a non-performing asset (NPA) in 2016-17.
The company managed to get term loans and credit facilities though it figured in the Reserve Bank of India's list of defaulters and the caution list of Export Credit Guarantee Corp of India (ECGCI) at the time of initial sanction of credit limits by the consortium.
Bank of India, which tops the list with Rs 670.51 crore of loans, is followed by Bank of Baroda (Rs 348.99 crore), ICICI (Rs 279.46 crore), State Bank of India (Rs 266.37 crore), Axis Bank (Rs 255.32 crore), Allahabad Bank (Rs 227.96), Dena Bank (Rs 177.19 crore), Corporation Bank (109.12 crore), Exim Bank of India (Rs 81.92 crore), IOB (Rs 71.59 crore) and IFCI (58.53 crore).
The CBI FIR said DPIL, through its founder and directors associated in the criminal conspiracy with unidentified bank officials of various banks, cheated those banks by way of misappropriating public funds through falsification of accounts, creation of false documents, forgery of records and knowingly used such records as genuine.
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Motorist dies after falling into roadside pit in Kerala's Thodupuzha; Minister orders probe
Thodupuzha (Kerala) (PTI): A 27-year-old man died after allegedly falling into an open roadside pit near Thodupuzha in Idukki district, police said on Tuesday.
The deceased was identified as Jeys Benny, a native of Muthalakkodam.
The accident occurred late Monday night when his two-wheeler plunged into the large pit dug on the side of the road as part of the construction work, they said.
Though he was rushed to a nearby hospital, his life could not be saved.
As the issue triggered heated protest, state Public Works Department (PWD) Minister Mohammed Riyas ordered a probe into the tragic incident.
He said the deputy chief engineer of the PWD has been entrusted with a probe into the incident and will take further action after receiving his report.
"Stringent measures will be taken if the negligence happened from the side of the Public Works Department," Riyas said.
In the CCTV visuals aired by TV channels, the bike could be seen plunging into the open pit.
According to local residents, the pit has been left open for over a month without adequate safety measures such as barricades or warning signs.
Following the incident, local residents staged a protest at the accident spot, alleging negligence on the part of the PWD.
Workers of the Opposition UDF also protested at the local PWD office demanding action against those responsible.
