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New Delhi [India], November 5 (ANI): The Directorate of Enforcements Lucknow Zonal Office has provisionally attached 86 land parcels (73.34 hectares) worth Rs 31.94 crore belonging to Shri Lakshmi Cotsyn Limited in Lakshmi Cotsyn Bank fraud case under the provisions of Prevention of Money Laundering Act (PMLA), 2002...
All these properties are registered either in the name of the company or trusted employees and other gullible persons, the central agency said.. ED had initiated investigations based on FIR registered by AC-V, CBI, New Delhi under various sections of IPC, 1860 and Prevention of Corruption Act, 1988 based on a written complaint dated June 1, 2021, received from a senior Central Bank of India official against Lakshmi Cotsyn Limited having registered office at 19/X- 1, Krishna Puram, GT Road, Kanpur 208007 (U.P); Mata Prasad Agarwal, Chairman cum Managing Director M/s Shri Lakshmi Cotsyn Ltd; Pawan Kumar Agarwal, Jt..
ED investigation revealed that the accused company M/s Shri Lakshmi Cotsyn Ltd approached the consortium of 23 banks wherein the Central Bank of India is the consortium leader, for financial assistance for manufacturing of blended suiting and shirting, quilted fabrics, denim fabrics, technical textile fabrics...
The company Shri Laxmi Cotsyn was liquidated under the directions of NCLT and assets worth Rs 265.44 crore approximately were sold by RP to realize the debts.. Further, it was found during the investigation that some funds of Shri Lakshmi Cotsyn Ltd. were diverted to its other group company Shri Lakshmi Power Ltd...
The case involves outstanding loan amount to the tune of Rs 7377 crore which has been already declared fraud by RBI and all assets of the accused company Shri Lakshmi Cotsyn have been liquidated by Resolution Professional appointed by National Company Law Tribunal..
