New Delhi [India], Enforcement Directorate (ED) recovered cash worth Rs 41 lakh and seized other incriminating documents during a search operation conducted at 11 different locations in Kolkata and Jaipur under the provisions of the Prevention of Laundering Act of Money (PMLA). ), 2002, against Prime Pulses Limited and others in connection with a bank fraud case, the ED said in a statement on Friday.
The ED's Kolkata Zonal Office carried out these raids on June 29 as part of its investigation launched on the basis of First Information Reports (FIR) registered by the Central Bureau of Investigation (CBI) against Prime Pulses Limited and others .
The search operation led to the discovery of crucial incriminating documents, including numerous property documents and digital records, the ED said, adding, "Furthermore, during the search operation, a large number of digital devices along with various documents were also seized." incriminating."
ED said that a total of 10 chargesheets and one supplementary chargesheet have been filed in this case, resulting in a total loss of Rs 447.44 crore to various banks and financial institutions.
The ED investigation revealed that the directors of Prime Pulses Limited and others incorporated several fictitious entities in the names of employees and related persons of the company for the purpose of transferring funds through the bank accounts of such entities.
"It was also discovered during the investigation that a two-storey mortgaged commercial property was sold by the respective bank under the SARFAESI Act, 2002. This property was purchased by the accused by round-trip transportation of the proceeds of crime through of the related entity/company. The value of this property is estimated at Rs 20 crore," the ED said in a statement.
"Suspicious transactions were carried out with third parties to divert funds to the accounts of promoters, directors and their family members. Fake purchases were recorded against payments made to different entities providing accommodation tickets," ED added.
The ED's Kolkata Zonal Office carried out these raids on June 29 as part of its investigation launched on the basis of First Information Reports (FIR) registered by the Central Bureau of Investigation (CBI) against Prime Pulses Limited and others .
The search operation led to the discovery of crucial incriminating documents, including numerous property documents and digital records, the ED said, adding, "Furthermore, during the search operation, a large number of digital devices along with various documents were also seized." incriminating."
ED said that a total of 10 chargesheets and one supplementary chargesheet have been filed in this case, resulting in a total loss of Rs 447.44 crore to various banks and financial institutions.
The ED investigation revealed that the directors of Prime Pulses Limited and others incorporated several fictitious entities in the names of employees and related persons of the company for the purpose of transferring funds through the bank accounts of such entities.
"It was also discovered during the investigation that a two-storey mortgaged commercial property was sold by the respective bank under the SARFAESI Act, 2002. This property was purchased by the accused by round-trip transportation of the proceeds of crime through of the related entity/company. The value of this property is estimated at Rs 20 crore," the ED said in a statement.
"Suspicious transactions were carried out with third parties to divert funds to the accounts of promoters, directors and their family members. Fake purchases were recorded against payments made to different entities providing accommodation tickets," ED added.
