Case against Ardor Group of Companies
The Enforcement Directorate (ED) has attached assets worth Rs 204.27 crore of Gujarat-based Ardor Group of Companies for allegedly causing loss to a consortium of banks led by the Bank of India that totalled up to Rs 488 crore.
The attached properties include Ahmedabad-based commercial office of the company at SG Highway, a residential plot at Satellite, five residential plots at Ambali, 17 residential plots at Gokul Dham, four shops at Bodakdev, office premises at Ellisbridge and Ashram Road. A non-agricultural land at Surat was also attached. The agency attached the assets under the Prevention of Money Laundering Act, 2002.
The Company promoters are alleged to have indulged in circular routing of the funds received out of credit limit sanctioned by the consortium of banks to inflate the financials of the companies. Further, they mortgaged assets of other group companies for availing higher credit limits and submitted false stock statements and financials to the consortium banks.