The Enforcement Directorate said on October 1 that it had provisionally attached ₹43.65 crore in movable assets in its money-laundering investigation involving Electrotherm (India) Limited. The order was issued on September 25, rather than on the announcement date.
The assets comprise ₹25.08 crore in two company accounts at Yes Bank and 13,57,775 shares held by promoters, valued at ₹18.57 crore. The inquiry follows a CBI case based on a Bank of India complaint about alleged diversion of credit between 2007 and 2013.
ED alleges that money sanctioned for expansion instead went towards existing liabilities and transfers followed by cash withdrawals. It put the bank's loss at ₹81.97 crore. ED said earlier measures bring the total to that amount.
These are investigation allegations and a provisional asset measure. They do not establish criminal guilt or mean the bank has recovered the money. Further investigation is continuing. The reviewed sources contain no company response.