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ED attaches Rs 263 crore-worth assets to Deccan Chronicle group

The Enforcement Directorate (ED) has attached Rs 263 crore worth of assets to Deccan Chronicle Holdings Limited in connection with a bank fraud money laundering case.

india Updated: Apr 13, 2017 23:37 IST
PTI
PTI
New Delhi
Deccan Chronicle,Enforcement Directorate,Money laundering
The case pertains to the alleged default of Rs 357 crore loan from Canara Bank by the firm and others.(HT File Photo)

The Enforcement Directorate (ED) has attached Rs 263 crore worth of assets to Deccan Chronicle Holdings Limited in connection with a bank fraud money laundering case.

Officials of the ED said on Tuesday that the provisional order for attaching assets totalling Rs 263.10 crore has been issued by the agency against the company and others under provisions of the Prevention of Money Laundering Act (PMLA). A case has been booked against the company and others based on a CBI FIR.

The case pertains to the alleged default of Rs 357 crore loan from Canara Bank by the firm and others.

The attachment of assets under PMLA is aimed at depriving the accused of taking benefits of their ill-gotten wealth and such an order gets confirmed after a directive is passed by the Adjudicating Authority of the said Act within 180 days.

First Published: Mar 28, 2017 18:29 IST