The Enforcement Directorate has attached assets worth ₹517.81 crore of SKS Ispat & Power Ltd in the form of land, building, plant and machinery, in connection with an alleged bank fraud case of ₹895.45 crore involving Cethar Ltd.
The ED probe is based on a First Information Report (FIR) registered by the Central Bureau of Investigation (CBI) against Cethar Ltd, a boiler manufacturing company based in Trichy, Tamil Nadu. The company had taken credit facilities from a consortium of lenders, led by a Madurai branch of the Indian Bank. The loan accounts turned non-performing assets on December 31, 2012.
The matter got referred to the National Company Law Tribunal (NCLT), Chennai, in 2017. The ED initiated the probe in 2019 and conducted searches on the premises of those linked to the case. Immovable property and jewellery worth ₹9.08 crore were attached in 2022 and the decision was confirmed by the Adjudicating Authority under the Prevention of Money Laundering Act (PMLA).
