Officials of the Directorate of Enforcement (ED), Hyderabad, provisionally attached properties worth ₹55.73 crore of VMC Systems Limited in a bank fraud case.
A probe was initiated by the ED following an FIR registered by the CBI, Bangalore, against M/s VMC Systems Limited, its directors and others for defrauding Punjab National Bank and others to the tune of ₹539.67 crore.
“Our investigation has revealed that in 2009, VMC Systems Ltd. approached PNB and SBI for part-financing its working capital requirements. Thereafter between 2009-2012, VMC availed credit facilities from a consortium of banks consisting of Corporation Bank, Andhra Bank, SBI, PNB and Karur Vysya Bank with SBI as the lead bank, to the tune of ₹1,673.52 crore, which is the principal amount,” said an official release from the ED.
