The Directorate of Enforcement (ED), Mumbai Zonal Office, has provisionally attached immovable assets—including flats and plots—worth Rs. 69.84 Crore under the Prevention of Money Laundering Act, 2002, in a money laundering case linked to Parekh Aluminex Limited (PAL).
Investigation revealed that PAL fraudulently obtained loans worth Rs. 2,296 Crore from a consortium of banks by submitting inflated stock statements and fictitious debtors, with Kamlesh Kanungo identified as the major beneficiary, enjoying approx. Rs. 1,270 Crore.
The attached assets are in the name of Kanungo, his wife, and entities controlled by him. ED has so far attached total assets worth Rs. 493 Crore, forming part of the recovery of the proceeds of crime.
The case involves multiple entities and bank accounts, with the funds being diverted to non-core activities, mainly real estate projects, and through third-party networks to conceal liabilities.
