Archon Engicon is a turnkey power transmission contractor . The Directorate of Enforcement (ED) has provisionally attached the immovable properties of Archon Engicon .
New Delhi, December 8: According to a statement released by the department, the Directorate of Enforcement (ED) has provisionally attached the immovable properties of Archon Engicon of Chandrashekhar Balkrushna Panchal and others in a bank robbery lawsuit.Archon Engicon is a turnkey power transmission contractor.These were filed on the basis of two FIRs filed by the Central Bureau of Investigation (CBI), Economic Offences Branch, Mumbai, against above entities and accomplices, in which it was reported that Archon Engicon defaulted in repaying the loans to the State Bank of India, IDBI Bank, and other consortium banks in a deceptive manner, resulting in an undue loss of Rs 265.64 crore to the banks, according to the investigation team.The police now identified and attached a number of real estate held in the name of Archon Engicon and other related persons and seized immovable property worth Rs 77.28 crore, according to the agency.