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Bank fraud: ED seizes Rs 6 crore cash after conducting a raid at Ahmedabad-based firm

By Jishu      03 November, 2020 04:21 PM      1 Comments
Bank fraud: ED seizes Rs 6 crore cash after conducting a raid at Ahmedabad-based firm

The Enforcement Directorate (ED) on Saturday (October 31, 2020) said it has carried out searches at six locations belonging to Ahmedabad-based True Value group and another firm and seized around Rs 6 crore in connection to a bank fraud case. These firms, the agency said, caused loss to a consortium of banks amounting to Rs 488 crore.

The agency carried out searches at the residential and office premises of the firm True Value Group and another Vipul and Manish Associates on Thursday and Friday, resulting in the seizure of huge cash in Indian currency totaling Rs 5.99 crore and foreign currency along with various incriminating documents.

The ED initiated an investigation under the Prevention of Money Laundering Act on the basis of six First Information Reports (FIRs) registered by the Central Bureau of Investigation (CBI), Anti-Corruption Branch, Gandhinagar, wherein it has been alleged that 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 Rs 488 crore.

The investigation conducted so far resulted in the identification of assets totaling Rs 204.27 crore, said the ED." These assets being the part of proceeds of crime have been provisionally attached under PMLA," an ED official said.

Vipul and Manish Associates and True Value floated numerous dummy companies and made their relative and associate persons the directors of these companies to do circular trading with the purpose to inflate books of accounts of Ardor Group Companies to facilitate them for obtaining huge funds from a consortium of banks which later become Non-Performing Asset (NPA).

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John Doe
kslegal Jun 10, 2022

It's a nice article, waiting for your another one, thank you very much.

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