ED raided 8 locations in Delhi, UP and Punjab linked to Santosh Overseas Limited on charges of money laundering of Rs 450 crore. Along with this, a search operation was also conducted at the premises of Mahadev Enclave Private Limited in the illegal sand mining case in Bihar.
Money laundering case of Rs 450 crore, ED raids in many states
New Delhi [भारत]July 24 (ANI): The Enforcement Directorate (ED) on Friday conducted searches at eight locations in Delhi, Uttar Pradesh and Punjab in connection with the ongoing investigation into an alleged money laundering case of Rs 450 crore against Santosh Overseas Limited and its linked entities.
Raids have been going on since morning in the premises belonging to the promoters, related entities and facilitators of the company in close coordination with the security forces.
ED’s Lucknow zonal office is conducting the search operation under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The ED probe stemmed from a Central Bureau of Investigation (CBI) case related to an alleged bank fraud of about Rs 450 crore taken from a consortium of banks.
“The investigation revealed that the loan amount was allegedly diverted and laundered through a network of shell companies, entry operators and related companies through fake bills and circular financial transactions,” officials associated with the investigation said.
He said the search operation is going on smoothly and further investigation is underway.
Raids in Bihar-Rajasthan regarding illegal sand mining
Earlier, the Enforcement Directorate (ED) on Friday conducted searches at eight places in Bihar, Delhi and Rajasthan in connection with the alleged illegal sand mining carried out by Bihar-based Mahadev Enclave Private Limited. The company is controlled by one of the Chandak families from Sri Ganganagar, Rajasthan, headed by Ashok Chandak and his son Raghav Chandak.
The raids, which have been ongoing since morning, include one each in Banka and Patna in Bihar, one each in Delhi and NCR, as well as four locations in Sri Ganganagar and one in Jaipur.
ED’s Patna zonal office is conducting a search operation in this case under Section 17 of PMLA.
Officials said that during the investigation, evidence was found that Mahadev Enclave Pvt Ltd had carried out illegal mining on a large scale and it was not reported or ignored by the state mining department. (ANI)
(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)