New Delhi, September 2 (HS) : The Enforcement Directorate (ED) on Tuesday conducted raids across multiple locations in Delhi, Maharashtra, Tamil Nadu, West Bengal, and Goa as part of investigations into money laundering linked to bank loan fraud cases.
Official sources revealed that premises associated with Arvind Remedies and its promoter Arvind B. Shah were raided under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in Chennai and Kanchipuram in Tamil Nadu, as well as in Kolkata and certain complexes in Goa. In a separate case, the ED carried out searches at a total of ten locations—nine in Delhi and one in Pune—connected to Gupta Exim India Private Limited.
The raids stem from a money laundering case dating back to July 2021. The Central Bureau of Investigation (CBI) had registered a First Information Report (FIR) in October 2016, accusing the company and its promoter of defrauding a consortium of banks led by Punjab National Bank (PNB) of approximately INR 637 crore.
This is the second round of ED raids under the Prevention of Money Laundering Act, 2002 based on the FIR filed with the CBI against the company, its promoters, and directors. They face allegations related to the manipulation of loans amounting to roughly INR 425 crore taken from Punjab National Bank (formerly e-OBIC Bank).
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Hindusthan Samachar / Jun Sarkar
