Mumbai: Enforcement Directorate seized the assets of Mumbai company in connection with the Malabar Cements scam. The office building of Rishi Techtex at Daman was seized by ED officials from Kozhikode.
The office building and 2.5 acres of land, altogether with a face value of Rs 67 lakh, were confiscated.
Rishi Techtex is the defendant party in a ten-year-old corruption case involving industrialist V M Radhakrishnan, related to an agreement to supply cement sacks to Malabar Cements.
The ED’s Delhi authority approved the move to confiscate Mumbai office of the company. Officials from Kerala arrived Daman and placed board informing of the seizure.
Even though an order stating confiscation of assets of V M Radhakrishan worth Rs 23 crore of was issued, he obtained a stay on it from the High Court.
ED is gearing up to resolve the stay by pointing out the seizure of assets of Rishi Techtex.
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