Summary:
The Enforcement Directorate (ED) has attached properties worth Rs 14.50 crores of Ahmedabad-based M/s ABC Cotspin Pvt Ltd in a case of bank fraud worth Rs 804 crore. They also discounted export bills on the basis of LC issued by Industrial and Commercial Bank of China, which was restricted. The bank officials also discounted the export bills without proper scrutiny of the bills. The probe was initiated after a case was registered by Central Bureau of Investigation’s (CBI) Bank Securities and Fraud Cell in Mumbai. The Cell had alleged that the company and Jobanputra had entered into a criminal conspiracy with officials of Bank of Baroda (BoB), Ahmedabad and State Bank of India (SBI), Gondal..