Rs 34 Cr assets of Gujarat company attached in bank fraud case

New Delhi: Assets worth over Rs 34 crore of a Gujarat-based firm have been attached under the anti-money laundering law in connection with an alleged bank fraud case, the Enforcement Directorate said on Saturday.

The ED probe pertains to Biotor Industries Limited and its managing director, Rajesh M Kapadia, & others, which is also being investigated by the Gujarat police and the CBI. Probe revealed that the accused had “misappropriated” funds to the tune of about Rs 250 crore by preparing bogus bills and invoices during 2007-2009, ED said in a statement.

“Arif Ismailbhai Memon, owner of KGN Group, was instrumental in preparing paper transactions for transferring proceeds of crime in connivance with Rajesh Kapadia and others,” it said.