New Delhi, Mar 29 (IANS): The Enforcement Directorate (ED) on Monday said that they have attached assets worth Rs 90.31 crore of Educomp Professional Education Ltd, a group company of Gurugram-based Educomp Group, in connection with a Prevention of Money Laundering case pertaining to loan fraud of Rs 1,955.36 crore.

The ED initiated money laundering investigation against Educomp Group on the basis of the FIR registered by the CBI under various sections of IPC and the Prevention of Corruption Act, for conspiracy and committing forgery to divert and siphon off funds and cheat the lending banks.

The ED learnt in the investigation that group company, Edu Smart Services Pvt Ltd, diverted the bank loan funds to the tune of Rs 90.31 crore and through web of transactions created assets at Telangana's Ranga Reddy district, in the name of sister concern Educomp Professional Education Ltd.

"This amount of Rs 90.31 crore in the form of parcels of land and rent, was proceeds of crime and was accordingly attached as per provisions of the PMLA. The total default in loan repayment causing wrongful loss to the lending banks is to the tune of Rs. 1,955.36 crore," said an ED official.

Further investigation in the matter is underway.