BHUBANESWAR: Concluding its searches in Odisha and Hyderabad in connection with a money laundering probe, the Enforcement Directorate’s (ED) Kolkata zonal office has seized over Rs 6.35 crore from premises linked to the promoters and associated entities of the ARSS Group and the AMR/AMRL Group.
During the searches, assets and valuables worth Rs 6.35 crore were seized or frozen, including bank balances of Rs 1.50 crore, demat and securities holdings worth Rs 2.90 crore, and cash and jewellery worth Rs 1.95 crore, the central agency said in a statement on Friday.
The investigation relates to alleged fraudulent and irregular loans availed by both groups, along with various other entities, from SREI Infrastructure Finance Limited (SIFL) and SREI Equipment Finance Limited (SEFL), and their subsequent non-repayment.
Substantial credit facilities availed by AMRL Hitech City Limited/AMRL Group and ARSS Infrastructure Projects Limited/ARSS Group from SREI subsequently remained unpaid and went into default. A total of `1,111 crore remains outstanding in respect of the two groups whose premises were searched under the Prevention of Money Laundering Act (PMLA), it said.
Various digital devices, books of accounts, movable and immovable properties, and other relevant records and documents were also seized for detailed examination. The searches led to the recovery of materials relating to the financial transactions and asset positions of the concerned entities and individuals.