Rs. 3592 crore fraud case against Mumbai-based company 185 crore in assets

- Proceedings under EDLA PMLA

- Frost International Ltd. And its group companies Globiz Exim Pvt. Ltd., case against RS Builders and its promoters, directors

New Delhi: The ED of a Mumbai-based company has seized assets worth Rs 15 crore in a money laundering case involving 12 banks involved in a Rs 4 crore scam.

The ED said in a statement that under the Prevention of Money Laundering Act (PMLA), the assets of Frost International Limited and its group companies Globiz Exim Pvt Ltd, NSD Nirman Pvt Ltd and RS Builders and its promoters were seized. Fixed assets worth Rs 15 crore have been seized in Kanpur, Delhi, Gurugram, Mumbai, Kolkata and some cities in Tamil Nadu. The ED has filed a case under the PMLA on the basis of an FIR lodged by the CBI in January last year. A statement issued by the ED said that the evidence obtained by us proved that money laundering activities were carried out by Frost International Limited and its group companies. The ED further said that the Frost Group companies did not repay the loans taken from 12 banks by presenting false evidence.

The CBI said in its complaint that the group companies became the corporate guarantors of Frost International and failed to repay the loan amount.

The ED further claimed that the Frost International Company and its directors, guarantors and other strangers diversified the bank fund by presenting fake documents.