NEWS

ED Attaches ₹ 263 Cr Assets Of Deccan Chronicle Group Over Money Laundering

So that the accused can no longer take benefits of their ill-gotten wealth. 

28/03/2017 5:48 PM IST | Updated 28/03/2017 6:00 PM IST
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NEW DELHI -- The Enforcement Directorate(ED) has attached ₹ 263 crore worth assets of Ms Deccan Chronicle Holdings Limited in connection with a bank fraud money laundering case.

Officials of the ED said today that the provisional order for attaching assets totalling ₹ 263.10 crore has been issued by the agency against the company and others under the provisions of the Prevention of Money Laundering Act (PMLA).

The ED had booked a case against the company and others based on a CBI FIR.

The case pertains to the alleged default of ₹ 357 crore loan from Canara Bank by the firm and others.

The attachment of assets under PMLA is aimed at depriving the accused of taking benefits of their ill-gotten wealth and such an order gets confirmed after a directive is passed by the Adjudicating Authority of the said Act within 180 days.

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