Enforcement Directorate, ED, today issued orders for attachment of assets worth 112 crore rupees of a Noida-based media firm in connection with its money laundering probe against it. The firm, Century Communication Limited, and its promoters had launched India's first all Bhojpuri news channel in 2008. The agency has been probing the case based on a CBI FIR against the firm registered following a complaint of alleged loan fraud by Indian Overseas Bank's (IOB) Chennai branch in 2012. The ED in a statement said loans were sanctioned for the purpose of setting up new studios for post production of films at Noida, Mumbai and Chennai by submitting forged and fictitious documents with the collusion of bank officials. AIR correspondent reports, the laundered assets worth 112 crore rupees including properties of CCL and promoters have been provisionally attached by the ED.
News On AIR | March 30, 2016 1:15 PM
Bank loan fraud: ED attaches assets worth Rs 112 cr of media firm