Probe Agency ED joins assets worth 204 rupees to Ardor group in bank fraud case


The Directorate of Execution (ED) on Monday joined crore assets of Rs 204.27. (Representative)

New Delhi:

The Law Enforcement Department (ED) attached assets of 204.27 crore rupees on Monday that were owned by the Ardor group of companies.

The agency joined the money under the 2002 Money Laundering Prevention Act (PMLA) in a bank fraud case.

In a statement, the ED said it had joined assets totaling Rs 204.27 crores held by Ardor Group of Companies under the PMLA, 2002 in a case of bank fraud.

“The attached properties include the company’s commercial office at SG Highway, Thaltej, Ahmedabad; residential land at Satellite, Ahmedabad; 5 residential lots in Ambali, Ahmedabad; 17 residential lots in Gokul Dham, Ahmedabad; 4 stores in Bodakdev, Ahmedabad; offices in Ellisbridge, Ahmedabad and Ashram Road, Ahmedabad and non-agricultural land in Surat, “the statement said.

Noting that it opened the investigation on the basis of six FIRs filed by CBI, ACB and FC, the agency said: “ED opened the investigation under the PMLA on the basis of 6 FIRs registered by CBI, ACB, Gandhinagar and an FIR by CBI., BS&FC, Mumbai under articles 120 B r / w 420 of IPC and 13 (2) r / w 13 (1) d) of PC Act, 1988, in which it was alleged that Ardor Group of Companies and its administrators in collusion with unknown officials of the Bank cheated and caused an unjustified loss to the consortium of banks amounting to Rs 488 crores (approximately). “

The ED investigation indicated that Bharat Shah, Fenil Shah and Geetaben Shah directors of Ardor International Ltd, Ardor Global Pvt. Ltd. and Chem Edge International Pvt. Ltd. engaged in the circular routing of funds received outside the credit limit sanctioned by the consortium of banks.

The three officials boosted their companies’ finances to increase the credit facilities of the consortium of banks led by Bank of India, the statement added.


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