Bank loan fraud in Mumbai: ED attaches Rs 70 crore assets

Mumbai: The Enforcement Directorate (ED) attached properties worth around Rs 70 crore in the form of flats and plots in a money laundering case involving Parekh Aluminex Ltd, and other for defrauding Rs 2,296 crore bank loans. The attached assets were held in the name of Kamlesh Kanungo, his family members and entities beneficially owned and controlled by him. Till date, the ED attached total assets of Kamlesh Kanungo, his wife and entities beneficially owned and controlled by Kamlesh Kanungo worth Rs 493 crore. The ED's money laundering case was based on the CBI FIR against Parekh Aluminex Ltd, its promoter late Amitabh Arun Parekh, Kamlesh Kanungo, and others for fraudulently obtaining loans from a consortium of banks by submitting inflated stock and debtor statements. They cheated the bank and the company's loan accounts of Rs 2,296 crore were declared NPA, causing loss to the consortium.