STOCK MARKET BSE NSE

Bank fraud: Enforcement Directorate seizes Rs 6 crore cash after raids on Ahmedabad firm

ED said Rs 5.99 crore cash and some foreign currency was seized on Friday after it raided six residential and office premises.

Published: 31st October 2020 09:10 PM  |   Last Updated: 31st October 2020 09:10 PM   |  A+A-

Raids

For representational purposes

By PTI

NEW DELHI: The Enforcement Directorate has seized Rs six crore cash after it raided an Ahmedabad-based company in connection with a money laundering probe linked to an alleged Rs 488 crore bank fraud case, the central probe agency said on Saturday.

It said Rs 5.99 crore cash and some foreign currency was seized on Friday after it raided six residential and office premises of the consultancy and builder group - True Value Group and Vipul and Manish Associates, it said in a statement.

ED's money laundering case, filed under the criminal provisions of the Prevention of Money Laundering Act (PMLA), in this alleged bank loan fraud is linked to the Ardor group of companies.

"The Ardor group of companies and its directors, in connivance with unknown bank officials, had cheated and caused wrongful loss to the consortium of banks amounting to about Rs 488 crore," the ED said.

It alleged that Vipul and Manish Associates and True Value Management Consultant Pvt Ltd "floated numerous dummy companies and made their relatives and associates directors of these companies for committing circular trade to inflate books of accounts of Ardor group companies.

"This was done to facilitate them to obtain huge funds from consortium of banks which later became NPA (non performing assets)," it said.

Assets worth over Rs 204 crore have been attached by the ED in this case in the past.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

IPL_2020
flipboard facebook twitter whatsapp