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• The Enforcement Directorate (ED) has provisionally attached assets worth about INR 112.9 crore, including a residential property in Texas, United States, in connection with an alleged INR 376 crore bank loan fraud case.
• The money laundering investigation pertains to Noida-based LEEL Electricals Limited and its promoters, who are accused of diverting bank funds through manipulated financial records and overseas entities.
• The attached assets include residential, commercial and industrial properties across multiple Indian states as well as the overseas property.
• The action has been taken under the Prevention of Money Laundering Act (PMLA) as the probe into the alleged diversion of loan proceeds continues.
The Enforcement Directorate has attached assets valued at approximately INR 112.9 crore, including a residential house in Texas, as part of its investigation into an alleged bank loan fraud involving Noida-based LEEL Electricals Limited and its promoters. The provisional attachment was carried out under the Prevention of Money Laundering Act (PMLA), with investigators alleging that the properties represent proceeds of crime generated through the diversion of bank funds.
According to the ED, the case originates from a Central Bureau of Investigation (CBI) FIR alleging that the company's promoters and senior executives defrauded a consortium of banks led by the State Bank of India, causing an alleged wrongful loss of around INR 376 crore to SBI and IDBI Bank. The agency claims the accused secured and continued to avail credit facilities by submitting manipulated financial statements and presenting an inaccurate picture of the company's financial position.
The agency stated that its investigation found evidence suggesting that bank funds were diverted through a network of promoter-controlled entities and related companies. Investigators allege that the money was subsequently transferred to overseas subsidiaries in the guise of investments and loans before being layered through multiple entities to conceal its origin. A significant portion of these funds is alleged to have remained unrecovered.
Besides the Texas residence, the attached assets include industrial plots, residential properties and other immovable assets located across Delhi, Uttarakhand, Gujarat, Madhya Pradesh, Telangana, Goa, Maharashtra and Tamil Nadu. The ED has alleged that these properties were either directly owned by the promoter family or held through related entities to mask beneficial ownership.
Investigators further alleged that the company's books of accounts were falsified by inflating inventories, assets and receivables, enabling continued access to bank credit despite the company's deteriorating financial condition. The alleged diversion of funds, according to the agency, culminated in the acquisition of immovable assets, some of which were later sold, with the proceeds reportedly utilised for personal and business-related expenses.
The attachment of the Texas property assumes significance as it represents an overseas asset allegedly linked to the proceeds of crime. The ED maintains that tracing assets beyond India's jurisdiction forms an important part of recovering funds in cross-border financial crime investigations involving complex corporate structures and foreign subsidiaries.
The provisional attachment is part of the ongoing money laundering investigation, and further proceedings will be conducted under the provisions of the PMLA. The allegations remain under investigation, with the accused entitled to contest the attachment before the appropriate legal authorities as the case progresses.
Source PTI
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