The Directorate of Enforcement (ED) has attached immovable properties of Saravana Stores (Gold Palace) Chennai amounting to Rs 66.93 crore in relation to a money laundering case for alleged defrauding of Axis Bank.
The enforcement authority has initiated an investigation under PMLA, 2002 based on FIR dated February 25, 2022, registered by the Central Criminal Branch-I, Chennai. It recorded the case on September 23, 2022, under the provisions of the Prevention of Money Laundering Act, 2002. It is alleged that Late Pallakudurai, P. Sujatha and Y.P. Shiravan Partners of Saravana Stores with criminal intention approached Axis Bank to cheat Axis Bank, Chennai.
PMLA Investigation revealed that Saravana Store Chennai availed loan with “forged and fabricated documents”.
Investigation revealed that the accused persons overstated the inventory, used the OCC limits to repay the loan from other financial institutions and thus misappropriated and diverted the funds for which it was not sanctioned, and committed other irregularities and thereby, the said accused persons and firms cheated the Bank.
The accused Firm has generated Proceeds of Crime amounting to Rs 81.66 Cr out of criminal activities out of which Rs 66.93 Crore has been attached vide this Provisional Attachment Order.