ED Returns Assets to SBI Consortium Following Loan Fraud

The Enforcement Directorate returned over Rs 185 crore in assets to an SBI-led consortium after Surya Pharmaceutical Ltd. defrauded them. Accused directors Rajiv and Alka Goyal used fabricated documents to secure loans and fled India. The ED's efforts led to a court order for asset restitution.

The Enforcement Directorate (ED) has announced the return of assets valued at more than Rs 185 crore to a consortium of banks led by the State Bank of India (SBI). These assets were recovered following a loan fraud perpetrated by Chandigarh-based Surya Pharmaceutical Ltd.

Surya Pharmaceutical Ltd., presently in liquidation, was accused of cheating banks out of Rs 828.50 crore. Promoters Rajiv Goyal and Alka Goyal were charged after the ED initiated a criminal case, supported by a CBI FIR, against them.

The accused fled India before being declared proclaimed offenders in 2017. The ED assisted the banks in securing a court restitution order, leading to the assets' return under the Prevention of Money Laundering Act.

(With inputs from agencies.)