E-Paper
ED takes possession of Nagpur’s Empress Mall in bank fraud case
According to the agency, the Mall was constructed on commercially diverted land of 270,374 square feet
The Enforcement Directorate on Thursday took possession of Nagpur’s Empress Mall, worth ₹483 crores, which is linked to the bank fraud case by the Tayal Group of companies, officials said. According to the agency, the Mall was constructed on commercially diverted land of 270,374 square feet.
“ED initiated a money-laundering investigation on the basis of three FIRs of the Central Bureau of Investigation, BS&FC, Mumbai against three different companies of Tayal Group of Companies… for alleged cheating and fraudulently availing loans to the amount of ₹524 crores from Bank of India and Andhra Bank,” the agency said in a statement.
Upon investigation of the money trails for ascertaining and identifying the proceeds of crime, “Empress Mall at Nagpur was provisionally attached under the provisions of PMLA, 2002, which was subsequently confirmed by the adjudicating authorities,” the press release issued by the ED read.
Furthermore, it stated, “A prosecution complaint under Section 44/45 of the PMLA, 2002 has been filed before the Special Court under PMLA, Mumbai and the Hon’ble court has already taken cognizance of the money laundering offence on 22.01.2021.”
On Wednesday, the ED provisionally attached assets worth ₹6.32 crores of Somyendra Nath Banerjee, former deputy director-general (new technology), department of telecommunications, and his associates, in connection with an agency probe into his alleged disproportionate assets.
The ED probe is based on a case registered by the CBI alleging Banerjee amassed properties beyond his known sources of income and possessed disproportionate assets worth ₹7.58 crore. It has been found that from April 2005 to June 2013, Banerjee allegedly acquired cash through corrupt practices and by abusing his official capacity.
Officials said the cash was allegedly diverted to the companies floated by Banerjee and to purchase shares and properties in his name or the names of his family members and their companies.
Further investigation is in progress.
