[ By Bobby Anthony ]The Enforcement Directorate (ED) has stated that it has attached properties of Pixion Media Pvt Ltd and its group companies to the tune of Rs 127 crore in Mumbai, Kolkata and Noida as part of its probe into a money laundering case involving bank fraud to the tune of Rs 2,600 crore.“We have attached proceeds of crime valued at Rs 127.74 crore in the form of...
The Enforcement Directorate (ED) has stated that it has attached properties of Pixion Media Pvt Ltd and its group companies to the tune of Rs 127 crore in Mumbai, Kolkata and Noida as part of its probe into a money laundering case involving bank fraud to the tune of Rs 2,600 crore.
“We have attached proceeds of crime valued at Rs 127.74 crore in the form of immovable properties belonging to Pixion Media Pvt Ltd and its group companies under the Prevention of Money Laundering Act, 2002 (PMLA) in a bank fraud case,” the ED mentioned in a statement.
It said the attached assets consist of two commercial plots, nine commercial floors of group companies situated in Mumbai, Chennai, Noida and Kolkata.
The ED has initiated investigation under PMLA on the basis of seven FIRs and charge sheets filed by the CBI under several sections of Indian Penal Code and Prevention of Corruption Act, 1988 for fraud, cheating and causing wrongful loss to public sector banks to the tune of Rs 2,600 crore and corresponding wrongful gain to Pixion Media Pvt Ltd, Pearl Media Pvt Ltd, Mahuaa Media Pvt Ltd, Pixion Vision Pvt Ltd, Pearl Studio Pvt Ltd, Pearl Vision Pvt Ltd, Century Communication Ltd, and its directors P K Tewari, Anand Tewari, Abhishiek Tewari and others.
During the probe it was revealed that the accused persons namely P K Tewari, Anand Tewari and Abhishiek Tewari who were directors of Pixion Group of companies, had fraudulently availed loans to the tune of Rs 2,600 crore from various banks.
“These accused persons further diverted the loan amounts through bank accounts of various companies and entities controlled by them which were finally utilized in procurement of assets at various places such as Mumbai, Chennai, Noida and Kolkata,” according to the ED statement.
“In this manner these accused persons invested in acquiring assets by rotating the bank loans in maze of transactions to conceal the source. So far, assets totaling Rs 127.74 crore have been provisionally attached under PMLA,” the ED statement mentioned.