The Enforcement Directorate has provisionally attached 22 movable and immovable assets worth ₹112.90 crore in connection with an alleged ₹376 crore bank loan fraud involving Noida-based air-conditioner components manufacturer LEEL Electricals Limited and its promoters.
The attached assets include industrial plots, residential properties and a residential property located in Texas, United States.
Assets Attached Across India and Abroad
According to the ED, the attached assets are spread across:
- Delhi
- Uttarakhand
- Gujarat
- Madhya Pradesh
- Telangana
- Goa
- Maharashtra
- Tamil Nadu
- Texas, United States
The agency said the Texas property is jointly owned by principal promoter Bharat Raj Punj and his wife Pooja Punj.
Attachment Made Under PMLA
The provisional attachment was carried out under the Prevention of Money Laundering Act.
The ED alleged that the assets were beneficially owned and controlled by the promoter family, either directly or through related and shell entities.
Investigators believe these structures were allegedly used to conceal proceeds of crime.
CBI FIR Triggered ED Probe
The ED investigation began on the basis of a CBI FIR.
The FIR alleged that LEEL Electricals’ promoters and senior officials cheated a consortium of banks led by the State Bank of India.
According to the agency, the alleged fraud caused a wrongful loss of around ₹376 crore to SBI and IDBI Bank.
Financial Statements Allegedly Manipulated
Investigators alleged that the company inflated:
- Asset values
- Inventory figures
- Receivables
- Financial statements
This allegedly helped the company project a stronger financial position and continue availing loans and credit facilities.
Funds Allegedly Routed Through Related Entities
The ED alleged that bank funds were siphoned through promoter-controlled companies and related entities in India.
According to investigators, part of the money was then transferred to overseas subsidiaries in the form of investments and loans.
The agency claims these foreign entities were allegedly used to divert and conceal proceeds of crime, making a portion of the funds difficult to recover.
Texas Property Attached as Overseas Asset
The ED stated that a substantial part of the allegedly diverted funds was routed outside India.
On this basis, the residential property in Texas was attached as an asset representing alleged proceeds of crime held abroad.
The investigation into overseas investments, shell companies, financial transactions and related documents remains ongoing.
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