Officials from the Directorate of Enforcement (ED) conducted searches on six premises in Hyderabad on Tuesday in connection with an ongoing investigation against PCH Marketing Private Limited (PCHMPL) and others under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA) in a bank fraud case.
During searches, unaccounted cash to the tune of ₹62.50 lakh and foreign currency to the tune of approximately ₹7 lakh was reportedly recovered. Further, bank accounts with balances of about ₹32.35 lakh were frozen.
Officials said that they had initiated a PMLA investigation on the basis of an FIR registered by the Bank Security and Frauds Cell of CBI Bangalore against PCHMPL & Ors under various sections of the IPC and Prevention of Corruption Act for perpetrating fraud with State Bank of India, causing wrongful loss to the bank amounting to ₹240.35 crore.
“ED investigation revealed that the accused persons indulged in diversion and siphoning off bank loans 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,” said an official release.
The searches also reportedly resulted in seizure of digital evidence and incriminating documents, including documents of properties suspected to be acquired out of proceeds of crime. Further investigation is under progress.
