Ahmedabad (Gujarat) [India], October 8 (ANI): The Enforcement Directorate (ED) on Wednesday conducted searches at three premises in Gujarat’s Ahmedabad in connection with a Rs 10.95 crore bank fraud case, the officials said.
The agency’s Ahmedabad zonal office carried out the searches under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The case is based on a First Information Report (FIR) filed by the Central Bureau of Investigation (CBI) following a complaint from Oriental Bank of Commerce.
“Investigations have revealed that the three firms– Shree Om Fab, Shree Baba Textile and Shree Laxmi Fab–all proprietorship concerns of one Ranjitkumar J Loonia, engaged in the trading of grey cloth, availed cash credit facilities from the bank using forged documents. The accused allegedly diverted the sanctioned funds for purposes other than those stated in the loan applications,” said the officials, privy to the development.
The Enforcement Directorate has identified the proceeds of crime in the case to be around Rs 10.95 crore.
The Enforcement Directorate has identified the proceeds of crime in the case to be around Rs 10.95 crore.
Meanwhile, regarding another case in Mumbai, the ED carried out search operations at eight locations across the city in connection with a money laundering investigation linked to a major drug trafficking network, officials said.
ED’s Mumbai Zonal Office conducted the searches under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. “The operation aims to trace and seize the suspected drug sale proceeds acquired through the illicit network allegedly run by Faisal Javed Shaikh and his associate, Alfiya Faisal Shaikh,” said the officials.
ED’s preliminary investigation suggests that “Faisal Javed Shaikh was procuring MD drugs through Salim Dola, a notorious drug trafficker with a long criminal record.”
Dola, who multiple law enforcement agencies want, has been identified as a key player in narcotics smuggling and the financing of illegal drug syndicates. The Narcotics Control Bureau (NCB) has already announced a reward for credible information leading to the arrest of Dola.
The ED’s action is part of a broader crackdown on drug-related money laundering and aims to dismantle the financial channels supporting the narcotics trade in Mumbai and adjoining areas. (ANI)
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