The Enforcement Directorate (ED) has frozen assets worth Rs 18.79 crore belonging to a Hyderabad-based company in connection with a money laundering case. The agency had initiated an investigation against the company under the Prevention of Money Laundering Act (PMLA) after receiving information from the Income Tax Department about alleged irregularities in the company’s financial transactions. The ED has alleged that the company had created fake invoices and engaged in bogus transactions to siphon off funds.
The ED’s investigation revealed that the company had received funds from various sources, including shell companies, and had transferred them to its own accounts through multiple transactions. It is alleged that the company had used these funds to purchase properties and other assets, which have now been frozen by the ED. The agency has also seized documents and electronic devices from the company’s premises for further investigation.
The ED has been cracking down on money laundering cases across the country, and this latest action against the Hyderabad-based company is part of its ongoing efforts to curb financial frauds. The agency has urged the public to report any suspicious financial transactions and to be vigilant about the activities of companies and individuals who may be involved in money laundering. The ED has also advised businesses to maintain proper records and to comply with all regulatory requirements to avoid falling foul of the law.
