Continuing its operation against Basil International Limited (BIL), the Enforcement Directorate (ED) has attached assets worth Rs. 200 crores of the company recently. The BIL is accused of cheating public with over Rs. 1700 crore.
According to reports, several properties of the BIL in Assam, West Bengal, Odisha, Jharkhand and Uttar Pradesh were attached by the ED. The properties included hotels, factories, amusement parks, tea estates and flats and those were attached under provisions of Prevention of Money Laundering Act (PMLA). The ED has further attached bank balance of Rs. 1.77 crore from BIL’s bank accounts.
Through a network of its branch offices many other companies like Vamshi Chemicals Limited, Nixcil Pharmaceuticals & Specialties Limited and Basil Express, BIL has collected around Rs. 1700 crores from the credulous investors by promising them handsome returns.