New Delhi: The Enforcement Directorate (ED) on Saturday seized Rs 6 crore cash after raiding an Ahmedabad-based company in connection with money laundering probe linked to alleged Rs 488 crore bank fraud case.
The investigative agencies carried out searches at 6 residential/office premises of Ahmedabad based Consultancy firms.
“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 in a statement.
Investigation conducted so far under PMLA has identified assets totalling Rs. 204.27 crore. These assets being the part of proceeds of crime have been provisionally attached under PMLA.
Investigation also revealed that Vipul & Manish Associates and True Value Management Consultant Pvt. Ltd. floated numerous dummy companies and made their relative and associate persons directors of these companies to do circular trading with purpose to inflate books of accounts of Ardor Group Companies to facilitate them to obtain huge funds from consortium of banks which later become NPA.
