In an alleged loan default case amounting to Rs 176.70 crore from Canara Bank and the State Bank of India, the Directorate of Enforcement (ED), Gurugram Zonal Office, has provisionally attached twelve immovable assets worth Rs 156.33 crore belonging to Lakshmi Precision Screws Private Limited under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, the agency said on Wednesday.

The attached assets include twelve immovable properties located in Delhi, Mumbai, Gurugram, and Rohtak, Haryana. These comprise commercial land measuring more than 20 acres, a 4-acre agricultural land situated in Rohtak and Gurugram, and four commercial flat-cum-office units in Mumbai and Delhi.

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The anti-money laundering agency initiated the probe based on FIRs registered by the Central Bureau of Investigation (CBI) against the private company, its promoters, and others. The FIRs allege offences under Sections 120B and 420 of the Indian Penal Code (IPC), 1860, including cheating and forgery.

The allegations involve defrauding a consortium of banks through misrepresentation of facts, disposing of mortgaged properties without the lender bank’s consent, and conducting dishonest business dealings with related companies, resulting in a loss of Rs 176.70 crore to the banks.

In this case, the CBI has also filed a charge sheet. Furthermore, the resolution process of the corporate debtor has not been finalized, and the National Company Law Tribunal (NCLT) has ordered the initiation of liquidation proceedings, the agency said.

The ED’s investigation revealed that the private company engaged in fraudulent activities by submitting false and fabricated stock statements and diverting Letter of Credit (LC) funds under the guise of trading.

The investigation also found that the company allegedly misrepresented its actual financial situation to obtain higher credit limits, thereby defrauding the bank and misappropriating public funds.

The company swapped some of the mortgaged land with another property held by a third party without obtaining a No Objection Certificate (NOC) from the lending banks, the ED stated. Further investigation is underway in the case.