Assets worth Rs 127 cr of Pixion Media attached in bank fraud case

The Enforcement Directorate (ED) has attached properties worth Rs 127.74 crore of Pixion Media Pvt Ltd and its group compes in a Rs 2600 crore bank fraud case.

Two commercial plots, nine commercial floors of group compes in Mumbai, Chennai, Noida, and Kolkata have been attached in connection with an ongoing probe under the Prevention of Money Laundering Act.

Based on seven FIRs and a CBI chargesheet, the ED had initiated the investigation under PMLA for fraud, cheating and causing wrongful loss to public sector banks to the tune of about Rs 2600 crore, an official release said.

The FIRs were filed against the compes and its directors PK Tewari, Anand Tewari, Abhishiek Tewari and others under relevant sections of IPC.

During the course of the investigation, it was revealed that the Tewaris had fraudulently availed loans to the tune of Rs 2600 crore from various banks.

"These accused persons further diverted the loan amounts through bank accounts of various compes and entities controlled by them which were finally utilized in the procurement of assets at various places such as Mumbai, Chennai, Noida and Kolkata," said the ED in a release.

It said that the accused invested in assets by rotating the bank loans in a maze of transactions to conceal the source.

( With inputs from ANI )