ED attaches assets worth Rs 1,122 cr for DPIL's fraud

The Enforcement Directorate (ED) on Tuesday attached immovable properties worth Rs 1,122 crores of Vadodara-based company Diamond Power Infrastructure Pvt Ltd (DPIL) in a bank fraud case of Rs 2,654.40 crores.

The agency has attached properties of DPIL and its related companies such as Diamond Power Transformer Ltd., Diamond Projects Ltd., Mayfair Leisures and Northway Spaces.

The properties include plant, machinery, building and land of DPIL and DPTL in Vadodara; three windmills in Bhuj; residential bungalows and flats of the Bhatnagar family, unsold flats of Northway Spaces, the under-construction Hotel of Mayfair Leisures and other land parcels held by related companies, all located in Vadodara.

On the basis of FIR filed by Central Bureau of Investigation (CBI), ED had registered a money laundering case against Suresh Bhatnagar, founder of the company, and his sons Amit Bhatnagar, managing director and Sumit Bhatnagar, joint managing director of DPIL.