ED attaches land worth Rs 7.76 crore in UCO Bank fraud case

Indore: The Enforcement Directorate (ED) has attached land worth Rs 7.76 crore of M/s Ruchi Acroni Industries Ltd (now Steeltech Resources Ltd) under the Prevention of Money Laundering Act.The move came after CBI had filed a case against the company for allegedly defrauding UCO Bank, Indore of more than Rs 58 crore.According to ED, the company obtained loans and credit facilities using fake and manipulated papers and opened letters of credit for business deals that never actually happened. The money was moved through a complex web of linked companies and eventually used to buy real estate, an official press release stated.This is the second major action in this case. Previously, the ED had attached properties worth Rs 10.15 crore.