Hyderabad: The Directorate of Enforcement (ED) engaged in an alleged default against the Reserve Bank of India and pleaded with the high court in Telangana to allow investigators to seize the properties of the Hyderabad mining operation. solidify Kyori Oremin Limited.
The ED also urged the court to stop the sale of the properties which are currently under investigation. CBI and ED alleged that the accused company cheated Bank of Maharashtra to the tune of Rs 43 crore.
The management engaged on October 6 in the petition of Kyori Oremin and its managing director Ishoo Narang and two non-executive directors against RBI and the banks. The ED said it learned that the defendants were planning to transfer the properties to third parties in order to tamper with procedures under the Prevention of Money Laundering Act (PMLA). He also wrote to the Bhogapuram Deputy Registrar’s office not to transfer any property from the company as an investigation is ongoing. We recall that Kyori Oremin had already filed a petition, urging the High Court to declare the ED’s action illegal. The case is still pending in court. Defaulting companies like Kyori and Musaddilal had challenged the decision of the RBI and other banks declaring their loan accounts fraudulent. These accounts were declared fraudulent after an external audit, sources said. The High Court had issued an interim order, preventing investigative agencies from taking coercive action. The RBI had also filed a counter and the case is under investigation.
In 2019, the Bank Securities and Fraud Unit of CBI Bengaluru had registered an FIR against Kyori Oremin and his directors and later the ED opened an investigation under the PMLA. ED detectives also conducted research on the accused directors. Sources said the forensic audit reports filed by the Bank of Maharashtra and ICICI Bank alluded to the fraud on the loan.

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