In accordance with the Prevention of Money Laundering Act, 2002 (PMLA), the Directorate of Enforcement (ED) has temporarily attached the immovable properties worth Rs. 77.28 crore owned by M/s Archon Engicon Ltd. of Mr. Chandrashekhar Balkrushna Panchal and Others in a bank fraud case.
On the basis of two FIRs filed by the CBI, EOB, Mumbai against the aforementioned entities and accomplices under the IPC and PC Act, where it is alleged that M/s Archon Engicon Ltd. has defaulted in repaying the loans to the State Bank of India, IDBI Bank, and other Consortium banks in a fraudulent manner, causing damage, the ED had begun investigations under the Prevention of Money Laundering Act, 2002 (PMLA) against M/s Archon Eng
In response, the ED launched an inquiry that showed the aforementioned firm was using many credit facilities from SBI and other consortium banks while diverting the money to different organisations and the personal accounts of the company’s directors.
Currently, the ED has located and attached a number of assets held in the names of M/s Archon Engicon Ltd. and other connected parties, totaling immovable property worth Rs. 77.28 Crore. Further research is currently being conducted.
