ED attaches Rs 289 cr assets of Indian Technomac

Hyderabad: Enforcement Directorate (ED) on Wednesday, attached assets worth Rs 288.91 crore belonging to the Indian Technomac company limited. The attachment was made under the Prevention of Money Laundering Act (PMLA), 2002.

The ED tweeted “ED attaches assets belonging to M/s Indian Technomac Company Limited, its Directors and promoters totalling to ₹ 288.91 crores in a #bankfraud case under PMLA, 2002 (sic).”

The assets belong to the company directors and promoters Ranganathan Srinivasan, Rakesh Kumar Sharma, Vinay Sharma, Aswini Kumar Sahoo.

According to media reports, the company has sanctioned a loan of Rs 289.66 crore and Rs 1,335 crore as working capital.

One of the directors Vinay Sharma, son of IAS officer M.L. Sharma, was previously accused in a Rs 6,000 crore financial fraud case which is considered one of the biggest scams in Himachal Pradesh.

Indian Technomac Company Limited was established in 1987 and is registered with the Registrar of Companies, Himachal Pradesh.

However, in 2018, Indian Technomac Company officials left Himachal Pradesh’s Jagatpur village of Paonta Sahib where the company is located.

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