HYDERABAD: The Enforcement Directorate, Hyderabad zone, has provisionally attached movable and immovable properties worth Rs 55.73 crore under the provisions of PMLA in a bank fraud case involving M/s VMC Systems Limited.The agency initiated investigation on the basis of FIR registered by the CBI, Bengaluru, under various Sections of Indian Penal Code against VMC Systems, its directors and others for defrauding Punjab National Bank and others to the tune of Rs 539.67 crore. The agency found that in 2009, VMC Systems approached PNB and SBI for part-financing its working capital requirements. Between 2009–2012, VMC Systems availed credit facilities from a consortium of banks consisting…
Read More…
ED attaches VMC Systems’ assets worth Rs 55.73 crores in bank fraud case
