ED attaches assets worth ₹442.85 crore in Kwality Limited case
The Hindu
Enforcement Directorate attaches properties worth ₹442.85 crore in bank fraud case involving Kwality Limited's former promoters.
The Enforcement Directorate has attached immovable properties worth about ₹442.85 crore in an alleged bank fraud case of erstwhile Kwality Limited.
The assets comprise a farmhouse at DLF Chhatarpur (12,000 square yards), residential properties at Vasant Vihar and Punjabi Bagh in Delhi; and several residential plots at Karnal (Haryana) and Mohali (Punjab).
“The said properties were owned by the then erstwhile promoters Siddhant Gupta and Sanjay Dhingra of Kwality Limited through dummy companies. The driver and security guard of the said promoters were the directors in such companies,” the ED said.
The ED probe is based on a First Information Report registered by the Central Bureau of Investigation against the accused persons for cheating banks.
As alleged, Kwality Limited through the erstwhile directors indulged in falsification of account books by misrepresentation of sales, purchases, debtors, and creditors and thereby cheated a consortium of banks to the tune of ₹1,400.62 crore.
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