Rs.240 cr bank fraud: ED searches PCH Marketing premises in the PMLA case
The Enforcement Directorate (ED) has said that it recently conducted searches at six premises in Hyderabad in connection with an investigation against PCH Marketing Private Limited (PCHMPL) and others in a bank fraud case of Rs.240.35 crore.
The ED initiated an investigation under PMLA based on an FIR registered by the CBI under various sections of the IPC and Prevention of Corruption Act.
The ED searches resulted in the seizure of digital evidence and incriminating documents including documents of properties suspected to be acquired out of the proceeds of crime.
During searches, unaccounted cash to the tune of Rs.62.50 lakh and foreign currency to the tune of Rs.7 lakhs were recovered and seized. Further, bank accounts showing an overall balance to the tune of Rs.32.35 lakh were frozen.
ED’s investigation revealed that the accused persons indulged in diversion and siphoning off bank loan by way of forgery, manipulation, and submission of fake financial statements, fictitious transactions, routing of funds to related entities, and use of loan funds for unauthorized purposes.
[With Inputs from IANS]
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