The Enforcement Directorate (ED) on Tuesday said that it has provisionally attached 15 immovable properties worth more than Rs 13.51 crore in connection with a prevention of money laundering case pertaining to bank loan fraud of Rs 402 crore.A private firm Servomax India Private Limited and its directors were accused of cheating the banks.ED officials said that the attached properties are in the name of relatives of its Directors P. Chandrashekhar Reddy and A.V. Rao and others.Initially, the CBI filed an FIR in 2018 under various sections of the IPC against the firm, its director, promoters and others for alleged cheating and defrauding public sector banks to the tune of Rs 402 crore. The ED initiated money laundering investigation on the basis of the CBI FIR.ED investigations revealed that SIPL had availed loans from consortium of banks including Letters of Credits (LCs), Bank Guarantees and working capital loan and then diverted the same and did not use it for the stated purpose and did not repay the loans.Money trail investigation revealed that the company got LCs issued in the name of its related shell entities and without supply of any material, got the LCs discounted and routed back the proceeds and the promoters used it for their personal gain.Further, money was also withdrawn in cash and through accounts of its employees."We identified Atluri Prasad and J. Rajesh of Maruthi Travels who were also involved in the matter. They admitted to the laundering of the proceeds of crime," said the ED official.The ED identified 15 properties in and around Hyderabad.Earlier, A.V. Rao was arrested under PMLA on January 17, 2022 and is in judicial custody.