Bank fraud: ED attaches Pixion Media assets worth ₹127.74cr

The Enforcement Directorate (ED) has attached assets worth ₹127.74 crore belonging to M/s Pixion Media Pvt Ltd and its group of companies under the Prevention of

The Enforcement Directorate (ED) has attached assets worth ₹127.74 crore belonging to M/s Pixion Media Pvt Ltd and its group of companies under the Prevention of Money Laundering Act, 2002 (PMLA) in a bank fraud case.

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The attached assets in the form of immovable properties consist of two commercial plots and nine commercial floors of group companies in Mumbai, Chennai, Noida and Kolkata.

ED initiated an investigation under PMLA based on seven FIRs and charge sheets filed by the Central Bureau of Investigation (CBI) under relevant sections of the Indian Penal Code and Prevention of Corruption Act, 1988, for fraud, cheating and causing wrongful loss to public sector banks to the tune of approximately ₹2,600 crore.

“Investigation under PMLA revealed that the accused persons namely PK Tewari, Anand Tewari and Abhishiek Tewari who were directors of Pixion Group of companies, had fraudulently availed loans to the tune of ₹2,600 crore from various banks. These accused persons further diverted the loan amounts through bank accounts of various companies and entities controlled by them, which were finally utilised in the procurement of assets at various places such as Mumbai, Chennai, Noida and Kolkata,” read a statement issued by ED.

So far, assets totalling to ₹127.74 crore have been identified and provisionally attached under PMLA. Pixion Media has worked for the post-production for Hindi films and was also involved in sports and other recreational activities.