The Directorate of Enforcement (ED) provisionally attached assets worth ₹112.90 crore belonging to LEEL Electricals Ltd promoters. This enforcement action stems from an alleged bank fraud involving a State Bank of India (SBI) led consortium. The investigation follows a First Information Report (FIR) filed by the Central Bureau of Investigation (CBI).
Promoters and key management allegedly conspired to defraud lenders by manipulating financial statements. These activities caused a wrongful loss of approximately ₹376 crore to SBI and IDBI Bank. The ED found that the accused siphoned funds by inflating asset values to secure credit facilities. These funds were subsequently routed through controlled entities and overseas subsidiaries.