Tricity
ED recovers ₹8.5 lakh and $8,600 from Amritsar rice firm in PMLA bank fraud probe
ED recovers ₹8.5 lakh and $8,600 from Amritsar rice firm premises in PMLA case concerning alleged ₹350.84 crore bank fraud.
Amritsar – The Enforcement Directorate on Tuesday recovered cash and foreign currency from the premises of a rice processing firm in Amritsar as part of its ongoing investigation under the Prevention of Money Laundering Act into an alleged bank fraud of ₹350.84 crore.
The raids, carried out early in the morning, focused on the firm’s office and warehouse where the agency seized ₹8.5 lakh in Indian currency and $8,600 in US dollars. The recovered amount was handed over to the agency’s financial investigation unit for documentation and further action.
The case stems from allegations that a consortium of banks had been defrauded of more than ₹350 crore through fictitious loan accounts that were allegedly sanctioned by a network of intermediaries. Investigators say the proceeds were funneled to various entities, including the Amritsar firm, which is being examined for its role in the diversion of funds.
The PMLA investigation continues, with officials indicating that the probe is progressing steadily. The seized cash and foreign currency will be presented before a special PMLA court for further orders, and the agency has indicated that additional recoveries are expected as the investigation proceeds.
Source: Hindustan Times
