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Ahmedabad, Nov 3 (IANS) The ED has seized Rs 35.80 crore deposited in 300 bank accounts fraudulently opened by a gang involved in betting, gambling and other illegal activities. An official gave this information on Monday.
The Enforcement Directorate (ED), Ahmedabad zonal office, provisionally seized the money in a case related to Jitendra Tejabhai Hiragar and others on the basis of a Provisional Attachment Order (PAO) dated October 29, the official said in a statement.
The investigation began with 448 bank accounts (primary accounts) that were opened using forged documents of innocent persons. Subsequently, the money trail was followed and more than 995 bank accounts with transactions of more than Rs 1,000 crore were examined in the first layer, the ED said.
The statement said the federal agency has traced and attached the available balances in bank accounts, which were used for illegal gambling, betting and other illegal activities amounting to Rs 35.80 crore, held in more than 300 bank accounts in various banks.
According to investigators, 448 bank accounts opened with fake documents were used to receive money from betting and other illegal activities. It said the money was transferred to first-tier accounts.
In another case, the ED conducted searches in several states in Odisha, Delhi, Uttarakhand and Punjab in connection with a Rs 73 crore bank loan fraud involving a private company and seized incriminating documents, an official said on Monday.
During the search operation by the Bhubaneswar zonal unit of ED, various incriminating documents and documents relating to assets worth several crores of rupees in the case against SR Alcobev Pvt Ltd and others were recovered and seized, the official said in a statement.
The search operation on October 29 was conducted under the provisions of the Prevention of Money Laundering Act, 2002.
SR Alcobev Private Limited and others allegedly defrauded Punjab National Bank and Indian Bank (erstwhile Allahabad Bank) of Rs 73 crore for unauthorized use in other companies after seeking loans from the bank.
The ED initiated the investigation on the basis of an FIR registered by the Central Bureau of Investigation (CBI) involving scheduled offenses under PMLA, 2002.
During the search, the ED recovered and seized incriminating documents, which show systematic transfer of loan funds from SR Alcobev Pvt Ltd to Brewforce Technologies and other related companies, entities and business associates.
Additionally, several documents relating to assets worth several crores of rupees were recovered and seized, indicating acquisition of assets using diverted funds, the statement said.
The ED investigation revealed that SR Alcobev Pvt Ltd had availed credit facilities totaling Rs 73 crore from banks, but its officials misused the facility to acquire illegal assets and finance the business activities of other associates.
–IANS
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