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ED attaches assets worth Rs 248.98 crore in bank fraud case involving Surana Group of Companies

jaswant singh by jaswant singh
May 31, 2023
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New Delhi, May 31 (). The ED on Wednesday said the team has attached 78 immovable properties and 16 movable properties worth Rs 124 crore, which were in the possession of various individuals and entities linked to the Chennai-based Surana Group of Companies.

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The action was taken in connection with three cases of bank fraud involving principal dues of Rs 3,986 crore on public sector banks. The ED had earlier attached assets worth Rs 124.95 crore in this connection. Now, a total of Rs 248.98 crore worth of assets have been attached in the case.

The ED had launched the money laundering probe on the basis of three FIRs registered by the CBI against Surana Industries Limited, Surana Power Limited and Surana Corporation Limited and others.

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ED probe has revealed that these three Surana group companies defrauded the banks by creating a web of shell companies in which they appointed their employees and relatives as directors, owners, partners and without actual movement of goods Did paper transactions with them.

The credit capital of the banks was introduced in the form of unsecured loans from their associate shell companies to bank funds in the personal accounts of the promoters of the company.

The ED said some of the diverted funds were used to purchase movable and immovable properties in the names of various benami companies. These actions of the promoters and officers of the Surana Group led to irregular accounts which eventually led to the accounts becoming NPA.

ED said that based on the investigation done, Dinesh Chand Surana, MD of Surana Industries Limited and Surana Power Limited, Vijay Raj Surana, MD of Surana Corporation Limited and two dummy directors of shell companies P. Anand and I. Prabhakaran on July 12, 2022 was arrested.

The ED has also registered prosecution complaints in this regard. Further investigation is on in the matter.

FZ/ANM

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