ED attaches properties valued over `55 cr in VMC Systems bank fraud case

New Delhi, Apr 23: The Enforcement Directorate (ED) in Hyderabad has provisionally attached movable and immovable properties to the tune of Rs 55.73 crore in a bank fraud case connected to VMC Systems Limited under the provisions of the Prevention of Money Laundering Act (PMLA).

The financial probe agency had initiated an investigation based on an FIR registered by the CBI in Bengaluru under various sections of the Indian Penal Code (IPC) against VMC Systems Limited, its directors, and others for defrauding the Punjab National Bank (PNB) and others to the tune of Rs 539.67 crore.

“The probe revealed that in 2009, VMC Systems approached the PNB and the State Bank of India (SBI) for part financing its working capital requirements.