HYDERABAD: The Directorate of Enforcement (ED), Bengaluru Zonal Office, conducted searches under Section 17 of the Prevention of Money Laundering Act (PMLA), 2002, at 16 premises in Bengaluru, Chennai, Hyderabad and Visakhapatnam on September 23 and 24 in connection with a stolen-gold purchase racket allegedly involving Attica Gold Private Limited, Bengaluru, and others.
The searches resulted in the seizure of Rs 7.52 lakh in cash, besides foreign currency, gold jewellery and silver articles, the ED said.
The searches covered the residential premises of the company’s directors, former directors and shareholders, besides its head office, branches and other linked premises.
According to the ED, the searches were carried out based on allegations that Attica Gold, its shareholders and directors were habitually involved in purchasing or acquiring stolen gold articles and had generated substantial proceeds of crime. The agency said the investigation was initiated based on multiple FIRs and charge-sheets filed by police authorities at various police stations over the alleged purchase, acquisition and dealing in stolen gold.
The ED said information gathered from the FIRs was corroborated by other verifiable material collected during its investigation into the alleged money-laundering activities.
The agency said key persons, including PS Ayub alias Bomanahalli Babu, Obedulla A, Mohammed Salman A and Arbin Taj A, did not cooperate and remained absconding during the searches. It also alleged that employees at some of the premises had been instructed by the key persons to remain unavailable.
