HYDERABAD: The Enforcement Directorate’s Kolkata zonal office has seized and frozen assets worth approximately Rs 6.35 crore during searches at premises linked to promoters and associated entities of the ARSS Group, Odisha, and AMR/AMRL Group, Hyderabad.
The searches were conducted on September 11 under Section 17 of the Prevention of Money Laundering Act as part of a money laundering investigation into loan defaults involving the SREI Group of Kolkata, the ED said on Friday.
The assets include Rs 1.50 crore in bank balances, Rs 2.90 crore in Demat and securities holdings, and cash and jewellery worth around Rs 1.95 crore.
The investigation relates to alleged fraudulent or irregular loans obtained from SREI Infrastructure Finance Ltd and SREI Equipment Finance Ltd and subsequent non-repayment. The ED is also examining suspected evergreening, diversion and round-tripping of funds.
The agency said credit facilities availed by AMRL Hitech City Ltd/AMRL Group and ARSS Infrastructure Projects Ltd/ARSS Group remained unpaid or went into default. The total outstanding amount involving the groups searched under the PMLA is approximately Rs 1,111 crore.
Digital devices, books of accounts, property records and other documents were also seized and are being examined in connection with the financial transactions and assets of the entities and persons concerned.