The Enforcement Directorate has attached immovable properties worth ₹483 crore of a Tayal Group company, KSL & Industries Ltd, in a bank fraud case. The group firms are also being probed by the Central Bureau of Investigation in multiple cases. The directorate has so far attached assets valued at ₹717 crore in the case. It is alleged that the funds were diverted through of a maze of shell companies and then re-routed to the group companies for investment in asset creation. “The Tayal Group of companies, promoted by one of the family members of Pravin Kumar Tayal, was resorting to siphoning off funds obtained from the UCO Bank and the accounts became non-performing assets.

Source: The Hindu May 14, 2019 20:00 UTC