New Delhi [India], July 5 (ANI): The Enforcement Directorate (ED) has recovered cash amounting to Rs 41 lakh and seized other incriminating documents during a search operation conducted at 11 different locations across Kolkata and Jaipur under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, against Prime Pulses Limited and others in connection with a case of bank fraud, the ED said in a statement on Friday.
ED’s Kolkata Zonal Office carried out these raids on June 29 as part of its investigation initiated on the basis of First Information Reports (FIRs) registered by the Central Bureau of Investigation (CBI) against Prime Pulses Limited and others.
The search operation led to the unearthing of crucial incriminating documents, including numerous property documents and digital records, said the ED, adding that “further, during the search operation, a large number of digital devices along with several incriminating documents have also been seized.”
ED said a total of 10 charge sheets and one supplementary charge sheet have been filed in this case, causing a total loss of Rs 447.44 crore to various banks and financial institutions.
The ED investigation revealed that various fictitious entities were incorporated by the Directors of Prime Pulses Limited and others in the names of employees and related persons of the company for the purpose of layering funds through the bank accounts of such entities.
“It was also unearthed during the investigation that a two-story commercial mortgaged property was sold by the respective bank under the SARFAESI Act, 2002. This property was purchased by the accused persons by round tripping of Proceeds of Crime through the related entity/company. The value of this property is estimated to be Rs 20 crore,” said the ED in a statement.
“Suspicious third-party transactions were made to divert funds to the accounts of promoters, directors, and their family members. Bogus purchases were booked against payments made to different entities providing accommodation entries,” ED added. (ANI)
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