Enforcement Directorate attaches Rs 109 crore assets of sugar company in fraud case

New Delhi: In the case of fraud by Simbhaoli Sugars Limited, one of India’s largest sugar mills, Enforcement Directorate (ED) has attached its assets worth Rs 109.80 crores.

ED said a provisional order was issued under the Prevention of Money Laundering Act, for attachment of properties like land, buildings, plant and machinery of the distillery unit of the company located in Simbhaoli, Hapur in Uttar Pradesh.

After taking cognisance of a CBI FIR against the company and others for hoodwinking and defrauding Oriental Bank of Commerce on the pretext of funding the sugarcane growers, a PMLA case was registered against the company by the agency last year.

According to the FIR, the company was given a loan of Rs 148.59 crores by the bank for providing assistance to 5762 farmers, but the company diverted the funds for other purposes.


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