The ED in a statement said that the attached properties include seven lands or flats at Barbil, six lands at Khordha, one residential flat at Cuttack, and four properties at Bhubaneswar in Odisha under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The ED case is based on the FIR registered by the CID, Himachal Pradesh Police against ITCOL and its promoters alleging that directors of the company in connivance with other official staff of various companies and chartered accountants siphoned off the loan availed from a consortium of banks.
The financial probe agency said that its probe revealed that ITCOL obtained loans from a consortium of banks led by the Bank of India between 2009 and 2013 by submitting forged detailed project reports before the bank authorities by showing fake sales in the name of dummy or shell companies. “The loan taken by ITCOL from the consortium of banks was not fully utilized for the purpose it was meant for. ITCOL utilized most of the loan amounts on the purchase of fixed assets like land, crucibles and construction of structural works etc. ITCOL also made an investment in sister company ITCOL Hydrocarbon Limited and in a Joint Venture with Anmol Mines Pvt. Ltd. of Bhubaneshwar.”
The ED said that in the case, proceeds of crime amounting to Rs 288.91 crore have already been attached in 219 under the provisions of the PMLA, 2002. Total attachment in this case till date stands at Rs 310.06 crore