ED Seizes Properties Worth Rs 838.61 Crore in Bank Fraud Investigations

New Delhi (The Uttam Hindu): Officials from the Gurugram office of the Enforcement Directorate (ED) have seized properties valued at approximately Rs 838.61 crore in connection with investigations into three separate companies. The ED's actions were aimed at addressing money laundering cases tied to bank loan defaults.

In one case, the ED seized 12 immovable properties worth Rs 156.33 crore from M/s Laxmi Precision Screws Private Limited. This company defaulted on a loan of Rs 176.70 crore from Canara Bank and the State Bank of India (SBI). The ED launched the investigation based on an FIR filed by the CBI against the company. The company’s promoters – Lalit K Jain, Rajesh K Jain, Vijay Kumar Jain and others – are accused of fraud, forgery and misrepresentation. They allegedly cheated a consortium of banks by misrepresenting facts selling mortgaged properties without consent and conducting dishonest business with related companies, causing a loss of Rs 176.70 crore. The CBI has also filed a chargesheet in the case.

In another investigation, the ED attached seven immovable properties worth over Rs 110 crore from M/s Lakhani India Limited, M/s Lakhani Rubber Industry Private Limited, Lakhani Apparel Private Limited and other group companies. The ED began investigating these companies based on multiple FIRs filed by the CBI in 2021 and 2023. The charges involve fraud against several banks, resulting in a loss of Rs 162 crore. The group's promoters, PD Lakhani and Suman Lakhani, are also named in the investigation.

Additionally, the ED attached immovable properties worth Rs 286.98 crore from Shri Sea Shelters Private Limited and its promoter Nirmal Singh. Furthermore, equity shares valued at Rs 108.04 crore, linked to G4S Secure Solutions (India) Private Limited and its promoter Vidur Bhardwaj were also seized.

These actions are part of the ED's ongoing efforts to address financial crimes and recover assets linked to fraudulent practices.