ED attaches Rs 51.28 crore assets of Deepak Cables
BENGALURU: The Directorate of Enforcement (ED), Bengaluru Zonal Office, has provisionally attached immovable properties worth around Rs 51.28crore (having market value of over Rs 150crore) in a bank fraud, diversion and siphoning of loan funds case by Deepak Cables (India) Ltd (DCIL), its managing director K Venkateshwara Rao, director Satyavathy Ball, and their associated entities under the Prevention of Money Laundering Act (PMLA).
The ED, in an official release on Thursday, stated that it had initiated money laundering investigation on the basis of an FIR registered by the CBI, Banking Securities Fraud Branch (BS&FB), Bengaluru.
