New Delhi, Dec 8 (IANS): The Enforcement Directorate (ED) on Thursday said that they have attached immovable properties worth Rs 77.28 crore of Chandrashekhar Balkrushna Panchal of Archon Engicon Ltd and others in connection with a prevention of money laundering case pertaining to bank loan fraud of Rs 265.64 crore.

The ED initiated money laundering investigation against Archon Engicon Ltd, Panchal and others on the basis of two FIRs registered by the Centre Bureau of Investigation (CBI) EOB, Mumbai.

The CBI had booked them under various sections of IPC read with sections of Prevention of Corruption Act wherein it was alleged that Archon Engicon Ltd. had defaulted in repaying the loans to State Bank of India, IDBI Bank and other consortium banks in a fraudulent manner, which caused an undue loss to the tune of Rs 265.64 crore to the banks.

The ED conducted investigation which revealed that the firm was availing various loan facilities from the SBI and other consortium banks and diverted the funds to various entities and to the personal accounts of the directors of the company.

"Now, the ED has traced and attached various properties held in the names of Archon Engicon Ltd and other related persons and attached immovable properties worth Rs 77.28 crore," said the ED official.

Further investigations in the matter are on.