NEW DELHI: ED has restituted assets worth over Rs 56 crore to the successful resolution applicant in the case of Era Infra Engineering Ltd . The company was accused of laundering over Rs 250 crore from a Rs 650-crore loan it had taken from UCO Bank .
NCLT had declared SA Infrastructure Consultants Pvt Ltd as the successful resolution applicant in June last year. Era Infra's portfolio spans airports, power plants, industrial projects and multiplexes, including work for PSUs, the private sector, CPWD and Asian Development Bank-aided initiatives.
After the new management sought transfer of all assets earlier attached, ED agreed to restore them. These included two tunnel boring machines and bank balances. A PMLA court approved the move, allowing restoration of assets worth Rs 56 crore.
"The company obtained a Rs 650-crore loan and siphoned off funds by diverting them to group firms for purposes beyond loan terms," ED said. The account was declared NPA in July 2013.
CBI filed an FIR against the company and its directors, after which ED began PMLA proceedings, issuing three attachment orders and filing a prosecution complaint in March 2021.
NCLT had declared SA Infrastructure Consultants Pvt Ltd as the successful resolution applicant in June last year. Era Infra's portfolio spans airports, power plants, industrial projects and multiplexes, including work for PSUs, the private sector, CPWD and Asian Development Bank-aided initiatives.
After the new management sought transfer of all assets earlier attached, ED agreed to restore them. These included two tunnel boring machines and bank balances. A PMLA court approved the move, allowing restoration of assets worth Rs 56 crore.
"The company obtained a Rs 650-crore loan and siphoned off funds by diverting them to group firms for purposes beyond loan terms," ED said. The account was declared NPA in July 2013.
CBI filed an FIR against the company and its directors, after which ED began PMLA proceedings, issuing three attachment orders and filing a prosecution complaint in March 2021.
You may also like
Shubhanshu Shukla to undergo 7-day rehab post return to Earth on Jul 15
Chelsea set Nicolas Jackson price tag as Victor Osimhen transfer terms clear
Dengue crisis deepens in Bangladesh; health infrastructure remains under strain
'All my reasons as a toddler mum for boycotting Netflix's Peppa Pig for Bluey'
NATO warplanes scrambled as Putin unleashes most destructive attack since war began
