Returned assets of over Rs 185 cr to banks in loan fraud case, says ED
The Enforcement Directorate Wednesday said it has "returned" assets worth more than Rs 185 crore to a State Bank of India (SBI)-led consortium of banks which were allegedly cheated through a loan fraud by a Chandigarh-based pharma company. The case pertains to Surya Pharmaceutical Ltd., undergoing liquidation currently, its directors and promoters named Rajiv Goyal and Alka Goyal who caused "wrongful loss" worth Rs 828.50 crore to the banks, it said. The ED filed a criminal case against the accused company and its promoters taking cognisance of a CBI FIR. The agency said in a statement that loan was obtained by the company using "fabricated" documents such as invoices, transport details, lorry receipts etc. for issuance of Inland Letter of Credits (ILCs) and this money was subsequently "layered and siphoned off" by Surya Pharmaceutical Ltd. using a web of bank accounts of group companies and shell entities. This caused a loss of Rs 828.50 crore to the lending banks headed by SBI, i30-10-2024