Bengaluru
The Enforcement Directorate (ED) has taken decisive action in the ongoing investigation of money laundering within the Surana Group of Companies, based in Chennai. In a significant development, ED has provisionally attached 78 immovable properties and 16 movable properties with a combined worth of approximately Rs 124 crore, belonging to various individuals and entities associated with the Surana Group. These actions were taken under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA) in connection with three cases of fraud related to the payment of dues totaling Rs 3,986 crore to public sector banks. Previously, ED had already seized assets valued at Rs 124.95 crore in this case. With this latest attachment, the total value of properties seized in relation to the investigation now stands at an impressive Rs 248.98 crore. The investigation initially gained momentum when the Central Bureau of Investigation (CBI) arrested four individuals in July 2022. This action followed three FIRs filed by the Bengaluru CBI against Surana Industries Limited, Surana Power Limited, and Surana Corporation Limited, along with several others. These companies are alleged to have executed a complex network of shell companies to defraud banks. The fraudulent scheme involved the appointment of individuals linked to the companies in key positions. These individuals engaged in fictitious transactions on paper, which lacked any genuine exchange of goods or services. Such activities were systematically employed to deceive banks and secure financial benefits through fraudulent means. The modus operandi further included diverting bank funds, designated as unsecured loans from associate shell companies, into the personal accounts of the promoters.
