In a bank fraud investigation, the Directorate of Enforcement (ED) has temporarily seized assets belonging to M/s. Agnite Education Limited (formerly Teledata Informatics Limited) and others totaling Rs. 268.66 crore in accordance with the Prevention of Money Laundering Act (PMLA), 2002.
On the basis of two FIRs filed by the CBI, one in Chennai and one in Bangalore against M/s Agnite Education Limited (Formerly M/s.Teledata Informatics Limited) and its Directors K. Balasubramaniam and K. Padmanabhan, and M/s Teledata Marine Solutions Limited, and its Directors K. Balasubramaniam and K. Padmanabhan, respectively, the ED launched a money laundering investigation.
The State Bank of India was robbed of Rs. 479 crore, according to the ED investigation, by M/s Agnite Education Limited (Formerly M/s. Teledata Informatics Limited) and M/s Teledata Marine Solutions Limited. Five LPG carrier ships, one oil tanker, and bank balances were fraudulently acquired by M/s Agnite Education Limited (Formerly M/s. Teledata Informatics Limited), M/s Teledata Marine Solutions Limited, and its subsidiaries through phoney investments, related party transactions to inflate balance sheets for bank loans, and expenses for syphoning and diverting money for promoters’ benefit.
On verification, the majority of these affiliate firms were shown to be untraceable. Using the aforementioned method of operation, they have also parked the money obtained through bank loans in the shape of assets in Austria, Thailand, and Bangladesh. Movable assets (in the form of shares, carrier ships, and bank balances) belonging to M/s Agnite Education Limited (Formerly M/s. Teledata Informatics Limited), M/s Teledata Marine Solutions Limited, and associated companies totaling Rs. 268.66 Crore have been provisionally attached in order to stop the sale of the aforementioned properties, which are proceeds of crime, and to prevent frustrating further proceedings under PMLA, 2002. The probe is being expanded upon.
