New Delhi: The Enforcement Directorate (ED) on Friday said that they have attached eight immovable properties, worth Rs 6.69 crore, at Mumbai, as well as Maharashtra’s Panvel, Pune, Raigad, and Ratnagiri of Kunal Gandhi, partner of Magnum Steels, Mumbai, and his family members in bank loan cheating case.
The ED initiated investigations under the PMLA on the basis of an FIR registered by the CBI against Magnum Steels and others for defrauding Bank of Baroda to the tune of Rs 95.97 crore.
The ED learnt that partners Kunal Kishore Gandhi and Kishore Kantilal Gandhi, instead of repaying the outstanding loan, diverted the money through various accounts of their associates’ entity to acquire the three immovable assets consisting of shop-cum-office at Andheri in Mumbai, flat at Panvel, and agricultural land in Ratnagiri by making payments totaling to Rs 1.45 crore during the period from 2010 to 2015.
“Kishore Kantilal Gandhi and his son Kunal Gandhi (partners of Magnum Steels) also purchased five immovable properties in Pune by making payments totaling to Rs 5.24 crore. A provisional attachment order under the PMLA was issued attaching all these 8 assets which were acquired by making payment totalling to Rs 6.69 crore,” an ED official said.