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ED Raids Parekh Aluminex Limited In Bank Fraud Case

Metal News - Published on Fri, 28 Jun 2019

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PTI reported that the Enforcement Directorate has conducted raids at multiple premises of a Mumbai based aluminium rolls manufacturing company Parekh Aluminex Limited in a case of alleged bank loan fraud and money laundering to the tune of over INR 2,600 crore. The agency said the ED searched 10 locations of Parekh Aluminex Limited after it filed a criminal compliant against the company under the Prevention of Money Laundering Act. The ED also issued a provisional order for attachment of a 47.39 acre land of the company on the outskirts of Hyderabad. The land parcel is valued at about Rs 46.97 crore, it said.

The Enforcement Directorate said the firm, engaged in manufacturing and exporting of aluminium foil containers and rolls, had allegedly defrauded the Indian Overseas Bank and others to the tune of INR 2,297 crore and the Federal Bank and Axis Bank for an amount of about INR 390 crore.

While the CBI has filed six criminal FIRs against the company, the economic offences wing of the Mumbai Police has also filed a similar complaint

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Posted By : Mohan Sharma on Fri, 28 Jun 2019
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