Enforcement Directorate has provisionally attached immovable assets worth 16 Crore rupees under the Prevention of Money Laundering Act, (PMLA) in connection with a case against M/s Mandeep Industries, Rajkot, a partnership concern of Ashish B. Talaviya, Kishorbhai Haribhai Vaishnani, Ramjibhai H. Gajera, Kalpesh P. Talaviya, and Bhavesh Talaviya.<br />''<br />''These assets include immovable properties in the form of Plant and Machinery, factory land and building, and Residential Flats and Plots located in Rajkot, Gujarat.<br />''<br />''The Agency initiated a money laundering investigation on the basis of the FIR registered by the CBI Bank Frauds and Securities branch in Mumbai. During the course of investigations under PMLA, it was revealed that M/s Mandeep Industries has defaulted in repaying the loans to Union Bank of India in a fraudulent manner, which caused an undue loss to the tune of over 44 crore rupees to the bank.<br />''<br />''Accordingly, ED conducted an investigation which revealed that the company was availing various loan facilities from Union Bank of India and diverted the funds to various fictitious entities and also to the personal accounts of the partners of the firm. Part of the diverted funds was also used for the purchase of immovable properties.<br />''<br />''<br />''<br />