New Delhi,  The Enforcement Directorate (ED) has attached the immovable assets worth Rs 16 crore under the Prevention of Money Laundering Act (PMLA) in connection with a case against Mandeep Industries, Rajkot, official said on Monday.

Mandeep Industries is a partnership concern of Ashish B. Talaviya, Kishorbhai Haribhai Vaishnani, Ramjibhai H. Gajera, Kalpesh P. Talaviya and Bhavesh Talaviya in Gujarat's Rajkot.

The official said that the attachments include immovable properties in the form of plant and machinery, factory land and building, residential flats and plots worth Rs 16 crore located in Rajkot.

The ED initiated the money laundering investigation on the basis of an FIR registered by the Central Bureau of Investigation (CBI), Mumbai.

During the course of investigations under the PMLA, it was revealed that Mandeep Industries had defaulted in repaying the loans to Union Bank of India in a fraudulent manner, which caused an undue loss to the tune of Rs 44.64 crore to the bank.

Accordingly, the ED conducted investigation, which revealed that the said company was availing various loan facilities from the Union Bank of India and diverted the funds to various fictitious entities, and also to the personal accounts of the partners of the firm. Part of the diverted funds was also used for the purchase of immovable properties.

Further investigation in the matter is on.