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Hyderabad: ED raids in Rs 240-cr bank fraud case
THE Enforcement Directorate (ED) on Wednesday said it has recently conducted searches at six premises in Hyderabad in connection with an investigation against PCH Marketing Private Limited (PCHMPL) and others in a bank fraud case of Rs 240.35 crore.
Hyderabad: THE Enforcement Directorate (ED) on Wednesday said it has recently conducted searches at six premises in Hyderabad in connection with an investigation against PCH Marketing Private Limited (PCHMPL) and others in a bank fraud case of Rs 240.35 crore.
During searches, unaccounted cash to the tune of Rs 62.50 lakh and foreign currency to the tune of Rs 7 lakhs were recovered and seized.
Further, bank accounts showing an overall balance to the tune of Rs 32.35 lakh were frozen.
The ED initiated investigation under PMLA based on an FIR registered by the CBI under various sections of the IPC and Prevention of Corruption Act.
ED's investigation revealed that the accused persons indulged in diversion and siphoning off bank loan by way of forgery, manipulation and submission of fake financial statements, fictitious transactions, routing of funds to related entities and use of loan funds for unauthorised purposes.
The ED searches resulted in seizure of digital evidence and incriminating documents including documents of properties suspected to be acquired out of the proceeds of crime.
