Gurugram: ED Seizes Properties Worth Rs 110 Crore Linked to Lakhani Group
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Synopsis
The ED has attached assets worth Rs 110 crore in Gurugram, linked to Lakhani Group, amid a money laundering probe involving bank fraud. The investigation reveals significant financial misconduct by the group against several banks.
Key Takeaways
- Assets worth Rs 110 crore attached by ED.
- Involved companies include Lakhani India Limited.
- Investigation linked to multiple FIRs from 2021-2023.
- Fraud totaling approximately Rs 162 crore identified.
- Further investigations are ongoing.
Gurugram, April 1 (NationPress) The Directorate of Enforcement (ED), Gurugram office announced on Tuesday that it has seized assets worth Rs 110 crore as part of a money laundering investigation linked to a bank fraud case involving M/s Lakhani India Limited, M/s Lakhani Rubber Udyog Pvt. Ltd., Lakhani Apparel Pvt. Ltd., and other affiliated companies.
According to a press release, "This action was initiated based on multiple first information reports (FIRs) lodged from 2021 to 2023 by the Central Bureau of Investigation (CBI) in Delhi and Chandigarh under various provisions of the IPC, 1860, and the Prevention of Corruption Act, 1988, targeting M/s. Lakhani India Limited along with its promoters PD Lakhani and Suman Lakhani for criminal conspiracy, cheating, and fraud against various banks," stated the investigative agency.
The ED's investigation revealed that M/s. Lakhani India Limited and its group companies have collectively defrauded the Indian Overseas Bank, Punjab National Bank, and Allahabad Bank through misappropriation and diversion of funds to other associated companies, involving conspiracy, misrepresentation of facts, and cheating, totaling a fraud amount of approximately Rs. 162 crore against the complainant banks.
Further findings indicated that, under the directions of the promoters, the Lakhani group engaged in sales to related parties at a loss, repaid loans of sister concerns, and made irregular interest payments to the directors, among other actions.
The ED has provisionally attached five commercial plots exceeding 20 acres, a two-acre farmhouse, and a commercial flat-cum-office located in the NCR region.
More updates are anticipated as the ED continues its investigation into the matter.
