Ahmedabad: The Zonal Office of the Directorate of Enforcement (ED) here has provisionally attached immovable assets worth ₹5.39 crore under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in connection with a bank fraud case related to M/s Anil Nutrients Ltd, the agency said in a press release.

The attached assets, identified as proceeds of crime, comprise two agricultural land parcels held in the name of Amol Sheth, former director of M/s Anil Nutrients Ltd.

The ED initiated the investigation on the basis of an FIR registered by the CBI, SC-I, New Delhi, against M/s Anil Nutrients Ltd under various sections of the Indian Penal Code, 1860, and the Prevention of Corruption Act, 1988, for allegedly defrauding Bank of India to the tune of ₹47.88 crore. In its complaint, the Bank of India stated that M/s Anil Nutrients Ltd, through its directors along with other unknown persons and entities, in pursuance of a well-knit conspiracy and with dishonest intent to cause wrongful loss to the bank and wrongful gain to themselves, diverted and siphoned off funds from the credit facilities disbursed to them, thereby misappropriating loan amounts of around ₹48 crore.

During the course of the investigation, immovable properties valued at ₹5.39 crore were identified and provisionally attached under Section 5 of the PMLA, 2002. Further investigation is in progress. DeshGujarat