The Enforcement Directorate (ED) has seized agricultural land valued at Rs 22.51 crore in Savardari village, Taluka Khed, Pune, related to a bogus letter of credit (LC) scam that led to a Rs 56.81 crore loss for SBI. This action was taken under the Prevention of Money Laundering Act (PMLA), 2002, concerning a money laundering case involving Topworth Pipes and Tubes Pvt Ltd (TPTPL) and others, as stated by the ED.
The attached property is registered under Abhay Lodha’s name, the ED confirmed. So far, assets worth Rs 38.11 crore belonging to Abhay Lodha and entities controlled by him have been seized to recover the total Proceeds of Crime amounting to Rs 56.81 crore. The ED’s investigation began following an FIR filed by CBI, Bank Securities and Fraud Cell (BS&FC), Mumbai, against TPTPL, its Director Abhay Lodha, and others for various offenses.
It was discovered that TPTPL engaged in fraudulent activities by discounting bills in Letters of Credit from the State Bank of India. This led to a substantial loss of Rs 56.81 crore for SBI due to the rejection of bills by the LC issuing banks/companies. The ED revealed that funds were obtained through fraudulent means by TPTPL, under the direction of Abhay Narendra Lodha, without actual goods supply, resulting in wrongful gains and losses for banks.
