Bank fraud case: ED attaches Rs 31-crore properties of Zylog Systems

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The Enforcement Directorate (ED) has attached immovable and movable properties totalling Rs 31 crore of publicly-listed IT company Zylog Systems and others under the Prevention of Money Laundering Act, 2002 (PMLA) in a bank fraud case. The assets include one building, five flats and fixed deposit of Rs 1 crore, said a press release issued by the ED, Chennai. The ED initiated investigation under the provisions of PMLA on the basis of the FIR of CBI against Zylog Systems, Sudarshan Venkatraman, the then chairman CEO, Ramanujam Sesharathnam, the then MD COO, and others. The CBI Also read: Demonetisation: RBI has no data on banned Rs 500, Rs 1,000 notes used at petrol pumps, hospitals Fictitious invoices towards purchase of software and hardware were created in the name of these companies and were used to avail the loan of Rs 100 crore from Dena Bank and the same was defaulted in repayment. According to the ED release, the investigations revealed that the said firms had also defaulted bank loans availed from Andhra Bank and Union Bank of India, Chennai collectively to the tune of Rs 110 crore. Investigations so far have resulted into identification of one building, five flats and fixed deposit of Rs 1 crore, involved in money laundering. The said immovable and movable properties valued at around `31 crore have been attached under PMLA, it said, adding that further investigations to identify the proceeds of crime were in progress.

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