In connection with a money laundering investigation for criminal conspiracy, cheating, and forgery with the intent to defraud Canara Bank, the Directorate of Enforcement (ED) has provisionally attached 13 movable and immovable properties worth Rs. 5.41 crore consisting of land, residential house, commercial shops, located in Delhi, fixed deposit, and balances in bank accounts related to M/s Saya Automobiles Ltd. and its directors.
On the basis of the FIR that the CBI in Delhi had filed against M/s Saya Automobiles Ltd. and others, the ED started an inquiry. Through its directors, M/s Saya Automobiles Ltd. requested credit from Canara Bank in Connaught Place, New Delhi, in the amount of Rs. 55 Crore. On August 25, 2020, the company’s accounts went into default. On 29.12.2021, the CBI filed an FIR based on the allegation made by Canara Bank.
The firm used false and altered financial statements to get credit, deceived the bank by diverting loan funds, and committed a criminal breach of trust, it was discovered during the ED investigation. The credit line that M/s Saya Automobiles obtained from Canara Bank was not used for the intended purpose. Instead, the money (proceeds of crime) was syphoned off by using various bank accounts to move money to other corporate accounts as well as to the personal accounts of the firm’s directors, Ramesh Handa, Deepali Sharma, and Smt. Saya Khanna. The probe is being expanded upon.
