ED attaches Varron group's properties worth Rs166 cr in bank fraud case IANS 0 The Enforcement Directorate has attached 20 immovable properties, located in Mumbai, Pune and Ratnagiri and worth Rs 166 crore, in connection with a case of bank fraud case involving the Maharashtra-based Varron group of Industries.
An ED official said that the financial probe agency had registered a case of money laundering on the basis of an FIR registered by the CBI against (late) Shrikant Pandurang Sawaikar, Director of Varron Industries and unknown officials of Bank of India and Canara Bank.
He said that the ED probe revealed that a criminal conspiracy hatched by Sawaikar, Director of Varron Aluminium Pvt Ltd (VAPL), and his accomplices to cheat the Bank of India by inducing it to discount 246 forged bills backed by the Letter of Credit, of around Rs 300 crore opened by Canara Bank, Deccan Gymkhana Branch, Pune, on behalf of VAPL.