Ahmedabad: The Directorate of Enforcement (ED), Ahmedabad Zonal Office, has provisionally attached three immovable properties valued at ₹104.43 crore, situated at various locations in Mumbai. These properties are beneficially owned by Pravin Rampratap Tayal and others, under the provisions of the Prevention of Money-Laundering Act (PMLA), 2002. The present market value of the attached properties is estimated to be around ₹148 crore.

The ED initiated the investigation on the basis of multiple FIRs registered by the CBI under Section 420 of the IPC, 1860, and Section 13(2) read with Section 13(1)(d) of the Prevention of Corruption Act, 1988. The FIRs were registered against Krishna Knitwear Technology Pvt. Ltd., M/s Eskay Knit India Ltd., Pravin Rampratap Tayal, Navin Rampratap Tayal, Sourabh Pravin Tayal, and others. During the investigation, it was found that the accused persons and entities are habitual offenders, and multiple FIRs and chargesheets have been filed against them in different states.

The modus operandi of the aforementioned persons and entities to commit fraud included diversion of loan amounts, concealment of sale proceeds from banks, creation of shell/non-existent companies as sundry debtors, and holding assets through multiple shell companies.

The total fraud amount in the case exceeds ₹340 crore, and through this provisional attachment order, a part of the proceeds of crime (POC) has been attached. Further investigation is in progress to trace, recover, and attach the remaining POC, the official statement of ED said. DeshGujarat