New Delhi, Aug 14
In fresh action in a Rs 1,400-crore bank fraud, the ED has attached immovable properties, including plant and machinery in Haryana and Rajasthan, worth Rs 35 crore belonging to erstwhile company Kwality Limited, an official said on Thursday.
The provisionally-attached properties comprise of land along with plant and machinery in Nuh, Haryana; land along with plant and machinery in Dausa, Rajasthan; and advances towards purchase of industrial land and residential plots in Mohali, the official said.
The attached properties belong to then promoters Sidhant Gupta and Sanjay Dhingra of erstwhile Kwality Limited through their family members or companies controlled by them, said the official in a statement.
The federal agency’s investigation revealed that the then promoters/directors fudged the books of accounts to show higher sales and debtors.
It was also noticed that sham companies/firms operated through implanted/dummy owners were used to divert the bank funds, it said.
The funds diverted through the stated modus operandi were circulated, layered so as to conceal their origin and routed to different accounts on the instructions of the promoters for purposes not sanctioned by the banks, the ED said.