Bank of Baroda fraud case: ED attaches 49 properties of key accused

The Enforcement Directorate has attached 49 properties owned by the key accused in the 2015 Bank of Baroda fraud case. In 2015, Vikram Seth, in connivance with other accused and officials of Bank of Baroda, fraudulently got 19 loans sanctioned amounting to Rs 21.31 crore, the ED said.

Pursuant to the case, the ED on Monday attached 42 immovable properties and seven movable properties worth Rs 18.50 crore that belong to Vikram Seth and his family members.

The 42 movable assets consist of 20 residential plots, six industrial plots, a house, three agricultural lands, two brick kilns and 10 commercial plots in Punjab’s Kapurthala and Nawanshahar districts as well as Una district of Himachal Pradesh. Attached seven movable properties are in the form of vehicles, including Tata Safari, Honda Jazz and Skoda Octavia, worth Rs 33 lakh.

The financial probe agency had initiated its investigation on the huge basis of an FIR registered on January 15, 2015 by Central Bureau of Investigation against Vikram Seth and others under on the allegations of criminal conspiracy, cheating, forgery of valuable security for the purpose of cheating and use of forged documents as genuine.

During the probe, according to investigative agencies, it was revealed that Vikram Seth had conspired by bank officials to get 19 loans sanctioned. “The loan amounts were routed through various accounts of associated firms, companies and other fraudulent firms by the accused persons through a web of transactions and ultimately the amounts were siphoned off,” said an officer.

The ED’s probe was focused on sources of assets acquired by the accused in his name and in the name of his family members and others. “Investigation revealed that the accused Vikram Seth had routed the loan amounts through many bank accounts and after multiple layering, the proceeds of crime were found to be invested in acquiring assets held in the name of his family members which includes wife, son, brother and brother’s wife. These family members were not having any legitimate source of income to acquire any such immovable assets,” said the ED.

The ED has attached the identified properties crore under the Prevention of Money Laundering Act (PMLA).

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About the author: Sohom Das
Founder of Tuccho.

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