This latest action follows a previous attachment of immovable properties worth Rs 26.53 crore belonging to several individuals and entities within the same group.
File Photo: IANS
The Bhopal Zonal Office of the Enforcement Directorate (ED) announced on Thursday the attachment of three more immovable properties, valued at Rs 1.14 crore, belonging to Ambika Solvex Limited and Vardhman Solvent Extraction Industries Ltd. The properties are located in Indore and are linked to the case against Narayan Niryat India Pvt Ltd.
This latest action follows a previous attachment of immovable properties worth Rs 26.53 crore belonging to several individuals and entities within the same group.
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The ED initiated its investigation based on a First Information Report (FIR) registered by the Central Bureau of Investigation (CBI) under various sections of the Indian Penal Code and the Prevention of Corruption Act. The CBI later filed a charge-sheet against Narayan Niryat India Pvt. Ltd. and several other related entities and individuals.
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The ED’s probe revealed that Narayan Niryat India Pvt. Ltd., which is controlled by Ambika Solvex Ltd., fraudulently obtained loans amounting to approximately Rs 110.50 crore from a consortium of banks led by UCO Bank. The loans were acquired through Letters of Credit (LCs) and Export Packing Credit (EPC).
While the funds were ostensibly for legitimate business, the investigation found that no actual purchases or exports took place. Instead, the money was cycled through various group entities of Ambika Solvex Ltd. in circular transactions to fabricate a false appearance of business activity. The loan proceeds were ultimately diverted for personal and corporate gains. This was done by investing in immovable properties and making cash withdrawals through a complex network of related companies, firms, and benami entities controlled by the group, thereby concealing and laundering the diverted funds.
Further investigation is in progress.
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