Enforcement Directorate Attaches Assets Worth Rs 113 Crore Linked to Industrialist Punj and Lloyd Electric
The Enforcement Directorate (ED) has attached assets valued at approximately Rs 113 crore belonging to industrialist Harish Punj and his company Lloyd Electric and Engineering Limited, as part of an ongoing money laundering investigation, officials said on Tuesday.
The attached assets include movable and immovable properties located in various parts of the country, according to a statement issued by the federal agency. The action has been taken under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The ED's investigation stems from a case registered by the Central Bureau of Investigation (CBI) against Lloyd Electric and its directors for allegedly cheating a consortium of banks led by State Bank of India. The company is accused of diverting funds and causing a loss of over Rs 400 crore to the lenders.
In its probe, the ED found that the accused had laundered the proceeds of crime by acquiring properties and assets in the name of family members and related entities. The attached assets include land, buildings, and bank balances.
The agency has filed a prosecution complaint before a special PMLA court in New Delhi, seeking confirmation of the attachment. The matter is sub judice.
Harish Punj and his legal representatives have not yet commented on the development. The ED has stated that the investigation is ongoing and further recoveries may be made.
