SBI, Punjab and Sind Bank get money back for loans to Surya Pharma
The agency is attaching the movable and immovable properties of the accused to recover funds and return them to the defrauded banks.
In a recent development, ₹185.13 crore, seized from assets linked to Chandigarh-based Surya Pharmaceutical, was returned to banks, including the State Bank of India in Chandigarh and Punjab and Sind Bank in Karnal.
Last year, the ED had also attached additional assets worth hundreds of crores related to this company.
Background of the case
The case involves an alleged fraud of approximately ₹828 crore against Surya Pharmaceutical and its directors, including Rajiv Goyal.
The ED’s latest actions stem from a complex financial investigation under the Prevention of Money Laundering Act (PMLA).
The agency issued a provisional attachment order in October 2022, seizing over ₹185 crore worth of assets, including buildings, plant machinery, and other properties of Surya Pharmaceuticals and associated entities.
The order was based on complaints from the State Bank of India and Punjab and Sind Bank, which led the CBI to register two FIRs.
The company is accused of obtaining Letters of Credit (LC) against fake invoices, and subsequently cashing them in through certain designated entities.
The ED subsequently took over the investigation, filing a chargesheet on February 4 this year in its Special Court in Chandigarh.
