ED ATTACHES KSL PROPERTIES WORTH ₹483 CR

MUMBAI: The enforcement directorate (ED) has attached ₹483crore worth assets of city-based firm KSL & Industries Limited, which is part of the Tayal group of companies, in connection with a bank fraud case registered by the Central Bureau of Investigation (CBI).

The ED attached a plot measuring 2,70,374 sqft along with a shopping mall in Nagpur worth ₹483 crore owned by KSL under the Prevention of Money Laundering Act (PMLA), 2002.

“Investigation under PMLA revealed that in 2008, Mumbaibased companies of the Tayal group availed loans to the tune of ₹524 crore by defrauding the Bank of India and Andhra Bank. They have diverted these funds through a maze of shell companies,” stated the ED. Funds routed through shell companies were allegedly used for the creation of assets in the name of KSL.

In a similar case involving UCO Bank, Tayal group’s properties worth ₹234 crore were also attached.