Chennai: Properties worth Rs 277 crore attached – Times of India

CHENNAI: Enforcement Directorate (ED) has attached properties worth Rs 268. 66 crore of Agnite Education Limited in a money laundering case.
ED had initiated investigations against Agnite Education Limited (formerly Teledata Informatics Limited) and its directors K Balasubramaniam and K Padmanabhan based on two FIRs registered by CBI, Bengaluru, and CBI, economics offences bureau (EOB), Chennai, against Teledata Marine Solutions Limited.
The investigators said Teledata Marine Solutions Limited, primarily involved in developing software for the shipping firms, and its directors floated several firms in Singapore, Thailand, US, and Virgin Islands, and availed loans of Rs 479 crore from SBI in Chennai.
The firms and its subsidiaries acquired movable properties in the form of five LPG carrier ships, an oil tanker apart from bank balances abroad by making sham investments, related party transactions to inflate balance sheets for availing bank loans and expenses for siphoning and diverting funds for promoters’ benefit.
The accused parked the funds availed through bank loans in the form of assets (bank balance, properties) in Austria, Thailand, US, Singapore and Bangladesh. The movable assets (in the form of shares, carrier ships and bank balances) to the tune of Rs268. 66 crores have been attached by ED to prevent their sale.
Similarly, ED has attached immovable properties worth Rs 9. 08 crore of the director of Cethar Ltd, Trichy, and his family members in connection with a bank fraud case. ED had seized movable properties of Rs. 5. 63 crore in July and December last year. The company is under liquidation.