In a bank fraud case, the Directorate of Enforcement (ED) temporarily attached the movable property of M/s. Diamond Power Infrastructure Ltd. (DPIL) and its former Directors, Promoters, and family members, are valued at approximately Rs. 26.25 crores. This property includes land, residential properties, and commercial properties. The properties owned by M/s. DPIL and its connected organisations, with an estimated value of Rs. 1122.72 Crore, were also attached in an earlier attachment dated 24.04.2018.
Based on FIR no. 029 2018 A 0006 filed by the Central Bureau of Investigation, Gandhinagar (CBI) against M/s. DPIL and others for the commission of an offence under sections 420, 467, 468, and 471 r/w 120-B of the IPC as well as section 13(2) read with section 13(1)(d) of the Prevention of Corruption Act, 1988, ED opened a money laundering investigation.
According to the inquiry carried out by the ED, M/s. DPIL had borrowed money from a group of 19 banks and institutions for term loans, working capital loans, external commercial borrowings, and nonconvertible debentures. According to the inquiry, M/s. DPIL utilised paper transactions with shell businesses and linked organisations to get greater credit limits from the banks and divert money, which finally cost the group of 19 banks headed by the Bank of India a loss of Rs. 2654.4 Crore.
In this matter, the Special PMLA Court in Ahmedabad is now hearing a prosecution complaint from ED dated 26.12.2018 against M/s. DPIL and others. Further research is now being conducted.
