Vishal Exports Overseas Limited whose property has been sealed by the Enforcement Directorate (ED), Ahmedabad, lost their legal battle against the agency. The company, involved in multiple cases of fraud, had approached the appellate tribunal which did not favour them either.
Earlier this year in July, ED had attached the company director Pradip S Mehta's bungalow located at Vasuma Hill Society in Vastrapur under the Prevention of Money Laundering Act (PMLA). Along with the bungalow worth Rs2.50 crore, two windmills worth Rs3 crore in Jaisalmer was attached.
The attachment of properties was carried out owing to the alleged cheating and forgeries committed by the company and its directors. The Central Bureau of Investigation (CBI), Directorate of Revenue Intelligence (DRI) and Central Customs are some of the agencies that have booked the company for various frauds committed over the last twenty years.
The company dealing in export of agricultural commodities reportedly availed benefits under various government schemes and funds by forging documents. It was revealed during investigation that the company had availed of funds for Packing
Credit Facility, Foreign
Bill Discounting facility among others to the tune of Rs500 crore from a consortium of 23 banks.
