Ahmedabad: The Directorate of Enforcement (ED), Ahmedabad Zonal Office, has filed a prosecution complaint against M/s Hellious Tubealloys Private Limited and its directors in connection with a money-laundering case linked to an alleged bank fraud of ₹28.54 crore involving Bank of Baroda.

The ED initiated its investigation on the basis of an FIR registered by the CBI’s Anti-Corruption Branch in Gandhinagar against the company and others under Sections 120-B and 420 of the Indian Penal Code, 1860, along with Section 13(2) read with 13(1)(d) of the Prevention of Corruption Act, 1988.

According to the ED’s findings under the Prevention of Money Laundering Act (PMLA), the company and its directors allegedly cheated Bank of Baroda by diverting and siphoning loan funds to sister-concern companies without genuine business transactions. The probe also revealed that bogus Letters of Credit were issued to banks to obtain loan funds, while falsified stock statements and manipulated books of accounts were submitted with dishonest intent, causing a wrongful loss of ₹28.54 crore to the bank.

During the investigation, search operations were carried out at multiple locations, leading to the recovery of incriminating documents. Based on the evidence gathered, the ED issued a provisional attachment order for immovable properties valued at ₹19.37 crore.

Further investigation in the case is underway. DeshGujarat