The Enforcement Directorate has taken physical possession of a mall worth ₹483 crore located in Nagpur in connection with an alleged bank fraud case against Tayal Group companies.
The Empress Mall, built on commercially converted land spread over 2,70,374 sq ft, belongs to KSL & Industries Ltd, the agency said.
The ED probe is based on three First Information Reports (FIRs) registered by the Central Bureau of Investigation against three different companies of the Tayal group of companies: Actif Corporation Ltd., Jaibharat Textiles & Real Estate Ltd. and KKTL/Esc Knit (India) Ltd. . He was accused of defrauding Bank of India and Andhra Bank to the tune of ₹524 crore.
According to the agency, the Empress Mall was temporarily attached under the Prevention of Money Laundering Act, 2002 and the order was later confirmed by the adjudicating authority. Thereafter charge sheet was filed against the accused. The court concerned in Mumbai has taken cognizance of the money laundering offense on January 22.
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