Media House seizes Rs 127 crore from ED for fraud with bank

(PTI) New Delhi, Ta. December 31, 2019, Tuesday

In a fraudulent relationship with the bank, ED seized assets worth Rs 127 crore from a media house, the ED said. Pearl Media Pvt Ltd.Mahuva Media Pvt. Pixon Vision Pirie.Ltd. Pearl Studios Lu. Pearl Vision Pvt. Century Communication Ltd. And its directors were against PK Tiwari, Anand Tiwari, Abhishek Tiwari and others.

Under the Money Laundering Act, assets worth Rs 127 crore were taken into custody which included 11 commercial plots and offices of companies based in Mumbai, Chennai, Noida and Kolkata.

Investigations revealed that the directors of Pixon Group of Companies had fraudulently taken a loan of Rs 2600 crore from various banks. ' The end was used to buy property in various places.

In this way, the accused stopped the bank's money from buying assets and cheated the banks. ED said that a case was registered against the group under PMLA and seven FIRs were registered against the company. Accordingly, the CBI had committed fraud, fraud and damage to the public sector bank.