March 03, 2025 09:47 pm (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Indian woman facing death row in UAE for killing a child has been executed: Foreign ministry tells court | Crucial to have Trump’s support, says Zelenskyy a day after fiery White House exchange | 'We're looking for peace, Zelenskyy wants Russia-Ukraine war to continue': Donald Trump after White House public spat | Volodymyr Zelenskyy refuses to apologise to Donald Trump after public spat over Russia-Ukraine war | 'Make a deal or we are out': Donald Trump tells Volodymyr Zelenskyy at White House | Himachal govt seeks fund from temple to support welfare schemes, BJP calls move 'shocking' | Injustice to opposition MLAs: Atishi writes to Delhi Assembly Speaker on suspension of 21 AAP lawmakers | We will leave for US tomorrow: Father of Indian student Neelam Shinde after urgent visa grant | 'Not joining BJP or floating any party': Abhishek Banerjee dismisses rumours of his split from TMC | Pune bus rape accused arrested after 75-hour manhunt

ED attaches assets worth Rs 204.27 cr of Ardor Group in bank fraud case in Ahmadabad

| @indiablooms | Jul 14, 2020, at 01:38 am

New Delhi/UNI: The Enforcement Directorate (ED) on Monday said that it has attached assets worth Rs 204.27 crore of Ardor Group of Companies under Prevention of Money Laundering Act (PMLA) in a bank fraud case in Ahmedabad.

According to ED, the attached properties include the commercial office of the company at SG Highway, Thaltej residential plot at Satellite,five 5 residential plots at Ambali,17 residential plots at Gokul Dham, four shops at Bodakdev, office premises at Ellisbridge and Ashram Road in Ahmedabad and non-agricultural land at Surat.

The central financial probe agency's move come after the registration of six FIRs by the anti-corruption branch of CBI Gandhinagar and also an FIR by Mumbai CBI, wherein it has been alleged that Ardor Group of Companies and its Directors in connivance with unknown bank officials have cheated and caused wrongful loss to the consortium of Banks amounting around to Rs 488 crore.

The probe agency, during its investigation, revealed that Bharat Shah, Fenil Shah and Geetaben Shah, all directors of Ardor International Ltd, Ardor Global Pvt Ltd and Chem Edge International Pvt Ltd indulged in the circular routing of the funds received out of credit limit sanctioned by the consortium of banks to artificially inflate the financials of the companies for increasing the credit facilities from the consortium of banks having Bank of India as the lead bank.

“They obtained loans in the name of the group companies and diverted and mis-utilized the funds received from the consortium for purposes other than for which the credit facilities were sanctioned," ED said.

Further, they mortgaged assets of other group companies for availing higher credit limits where false stock statements and financials were submitted to the consortium banks by the Ardor Group Companies and they did not repay the amount owed to the consortium of banks led by Bank of India resulting in accounts becoming NPA, the agency’s officials said.

“Investigation conducted so far resulted into identification of assets totalling to Rs 204.27 crore. These assets being the part of proceeds of crime have been provisionally attached under PMLA, the ED said, adding that the further investigation has been under progress.

 

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.