The Enforcement Directorate (ED) said on Wednesday that it has attached 13 movable and immovable properties worth Rs 5.41 crore, consisting of land, residential house, commercial shops located in Delhi, fixed deposits and bank balances, belonging to Saya Automobiles Ltd and its directors in connection with a bank fraud case.
The ED had initiated the investigation based on an FIR filed by the CBI against Saya Automobiles Ltd and others.
Saya Automobiles Ltd through its directors availed credit facilities to the tune of Rs 55 crore from the Canara Bank. The company’s accounts slipped to NPA in 2020. Subsequently, based on a complaint filed by Canara Bank, the CBI registered an FIR in 2021.
“During the course of investigation, it was revealed that the company availed credit facilities on fabricated and manipulated financial statements and defrauded the bank by diversion of loan amount and entered into criminal breach of trust.
“The credit facility availed by Saya Automobiles from Canara Bank was not utilised for the purpose for which it was taken. Instead, the funds (proceeds of crime) were siphoned off by diverting money through multiple bank accounts to other accounts of the company and to the personal accounts of the directors of the company, namely Ramesh Handa, Deepali Sharma and Saya Khanna,” said an ED official.
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