ED attaches properties worth Rs. 132 crore in Biotor bank fraud case

2 months ago | 09-02-2017 | ANI

Vadodara, (Gujarat), Feb. 9 : The Enforcement Directorate (ED) has attached properties worth Rs. 132 crore belonging to Biotor Industries Ltd, a Vadodara based firm that manufactures castor oil and its derivatives in a bank fraud case.

The market value of the attached assets is Rs. 300 crore.

The Banking and Securities cell of the Central Bureau of Investigation (CBI) in 2011 had registered a case against the Director's of the castor oil manufacturing company for allegedly submitting forged documents to three banks for obtaining a loan of Rs. 1,500 crores.

The loans were availed from Bank of Maharashtra, Oriental Bank of Commerce and Central Bank of India for procuring raw materials for manufacturing castor oil from the farmers.

The Enforcement Directorate had previously attached five properties of Biotor Industries worth Rs. 17 crore under the Prevention of Money Laundering act (PMLA) in 2014.