The Enforcement Directorate (ED) recently conducted searches at six premises in Hyderabad. This was part of an investigation into a bank fraud case involving PCH Marketing Private Limited (PCHMPL) and others. The fraud amount is Rs 240.35 crore.
During the searches, the ED recovered and seized unaccounted cash worth Rs 62.50 lakh and foreign currency worth Rs 7 lakhs. Additionally, bank accounts with a total balance of Rs 32.35 lakh were frozen.
The ED started the investigation under the Prevention of Money Laundering Act (PMLA) based on an FIR filed by the CBI. The FIR included sections of the Indian Penal Code and Prevention of Corruption Act.
Through their investigation, the ED found that the accused individuals engaged in fraudulent activities such as diverting and siphoning off bank loans. They did this through forgery, manipulation, submission of fake financial statements, fictitious transactions, routing of funds to related entities, and unauthorized use of loan funds.
The ED’s searches resulted in the seizure of digital evidence and incriminating documents, including property documents suspected to be acquired from the proceeds of the crime.
