The bank was duped of Rs 479 crore, now ED has attached the assets of Egnite Education Limited

Employment news-The Enforcement Directorate (ED) has provisionally attached assets worth about Rs 269 crore under the Money Laundering Act of Agnite Education Ltd. Company and its directors in the bank fraud case. It is alleged that through the fraud committed by the bank, movable and immovable assets were created abroad.

A top official of the Enforcement Directorate said that Egnite Education Limited was earlier known as Tally Data Informatics Limited. A case under various criminal sections was registered against the company and its directors K Balasubramaniam and K Padanabhan and its associates by the Anti-Bank Fraud Branch of the CBI, Bangalore.

In this case it was alleged that this company availed various credit facilities from State Bank of India (SBI) and defrauded the bank of Rs 479 crore. It is alleged that this company and its subsidiaries acquired movable assets in the form of five LPG carrierships, one oil tanker and bank balance abroad from the money which was obtained through fraud from the bank.

According to the allegation, a large-scale fraud was committed in the balance sheet submitted by these people to the bank to take loan from the bank, so that they could get the loan easily.

It is also alleged that this company and its subsidiaries did money laundering in Austria, Thailand and Bangladesh by sending the fraudulent amount from the bank through several fake companies.

After investigating the matter, the Enforcement Directorate has initially attached movable assets of about Rs 269 crore of this company and its associate companies under the Money Laundering Act. The inspection of the matter is going on. In this case, the ED is preparing to question many people, including bank officials.