New Delhi, luxury cars such as Mercedes Benz and Lexus, and watch brands such as Rolex and Hublot, besides more than 140 bank accounts and lockers, were seized after the ED raided a Mumbai-based business group in a alleged bank loan fraud of Rs 975 million related to money. wash case.
The searches were carried out against Mandhana Industries Limited (now GB Global Ltd.) and its promoters on Wednesday, the federal agency said in a statement.
The money laundering case arises from a CBI FIR lodged against the company, its directors Purushottam Mandhana, Manish Mandhana, Biharilal Mandhana and others based on a complaint filed by the Bank of Baroda for allegedly defrauding a consortium of banks to the tune of 975.08 crore. , according to the statement issued on Thursday.
Mandhana Industries Ltd and its directors "hatched a criminal conspiracy" to cause losses to the banks and corresponding ill-gotten gains to themselves by "diverting" loan funds through fraudulent transactions and circular trading, it said.
The Enforcement Directorate (ED) said the searches led to the discovery of "crucial incriminating" documents, including property documents.
More than 140 bank accounts, five lockers and shares and securities worth Rs 5 million were frozen and during the raids three high-end cars, including a Lexus and a Mercedes Benz, along with multiple watches of brands like Rolex and Hublot. the DE said.
“The directors of Mandhana Industries Ltd. formed several fictitious entities in the names of employees of the company to transfer funds through the bank accounts of these entities.
“Suspicious transactions were carried out with third parties to divert funds to the accounts of promoters/directors and their family members and fake purchases were recorded against payments made to different entities providing accommodation tickets (hawala), he alleged.
The searches were carried out against Mandhana Industries Limited (now GB Global Ltd.) and its promoters on Wednesday, the federal agency said in a statement.
The money laundering case arises from a CBI FIR lodged against the company, its directors Purushottam Mandhana, Manish Mandhana, Biharilal Mandhana and others based on a complaint filed by the Bank of Baroda for allegedly defrauding a consortium of banks to the tune of 975.08 crore. , according to the statement issued on Thursday.
Mandhana Industries Ltd and its directors "hatched a criminal conspiracy" to cause losses to the banks and corresponding ill-gotten gains to themselves by "diverting" loan funds through fraudulent transactions and circular trading, it said.
The Enforcement Directorate (ED) said the searches led to the discovery of "crucial incriminating" documents, including property documents.
More than 140 bank accounts, five lockers and shares and securities worth Rs 5 million were frozen and during the raids three high-end cars, including a Lexus and a Mercedes Benz, along with multiple watches of brands like Rolex and Hublot. the DE said.
“The directors of Mandhana Industries Ltd. formed several fictitious entities in the names of employees of the company to transfer funds through the bank accounts of these entities.
“Suspicious transactions were carried out with third parties to divert funds to the accounts of promoters/directors and their family members and fake purchases were recorded against payments made to different entities providing accommodation tickets (hawala), he alleged.
