The ED has been investigating a money laundering case against Sheetal Refineries Ltd (SRL) due to the loss it caused to several banks. The company availed 21 fraudulent Letters of Credit from these banks, based on fake and forged invoices, without any actual supply of material or legitimate business transactions. The proceeds of crime were partly withdrawn in cash while a significant part was also used to make investments in various immovable properties in the names of the promoters and their family members. This caused a wrongful loss of Rs 136.28 crore to SBI and Rs 53.82 crore to PNB, the ED said. The ED, Hyderabad, urged the Court to release the seized amount to the rightful claimant, SBI, in the public interest. The court on February 7 allowed the ED petition and ordered for release of immoveable properties worth Rs 30.71 crore of Sheetal refineries Limited and its Directors. TheED had attached assets worth Rs 52.77 crore through provisional attachment orders dated August 3, 2016 and January 27, 2022. Gopi Adusumilli is the editor of SocialNews.XYZ and President of AGK Fire Inc. He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources. He likes to write about current world politics and Indian Movies. His future plans include developing Social news into a News website that has no bias or judgment towards any.
