ED, Hyderabad zonal office, on Wednesday, provisionally attached immovable properties worth Rs 5.67 crore under the PMLA for the illegal export of Tramadol by the city-based pharmaceutical company called Lucent Drugs Private Limited.
New Delhi: The Enforcement Directorate on Wednesday said it has seized Indian and foreign currency and has frozen bank deposits worth more than Rs 1 crore after it conducted raids in Hyderabad as part of a money laundering probe linked to an alleged bank fraud at the country’s largest lender SBI.
The searches were undertaken on July 17 at six premises in the capital city of Telangana as part of the investigation against PCH Marketing Private Limited (PCHMPL).
The company is alleged to have “perpetrated fraud with the State Bank of India, causing wrongful loss to the bank amounting to Rs 240.35 crore”, the ED said in a statement.
The money laundering case stems from a CBI FIR.
The probe found that the accused indulged in “diversion and siphoning off bank loan by way of forgery, manipulation and submission of fake financial statements, fictitious transactions, routing of funds to related entities and use of loan funds for unauthorised purposes”, the ED said.
“Incriminating” evidences and digital devices were seized during the searches even as ‘”unaccounted” cash of Rs 62.50 lakh and foreign currency of about Rs 7 lakh was seized and bank deposits of Rs 32.35 lakh have been frozen, the agency said.
This post was last modified on July 19, 2023 9:43 pm