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The Enforcement Directorate (ED) on Friday carried out searches at eight locations across Delhi, Uttar Pradesh and Punjab in connection with its ongoing probe into an alleged Rs 450 crore money laundering case against Santosh Overseas Ltd and its related entities.
The raids are underway at premises linked to the company's promoters, associated entities and facilitators from early morning in close coordination with security forces. The ED's Lucknow Zonal Office is conducting the search operations under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The ED investigation stems from a Central Bureau of Investigation (CBI) case relating to an alleged bank fraud involving approximately Rs 450 crore availed from a consortium of banks. "Investigation has revealed that the loan funds were allegedly diverted and layered through a network of shell entities, accommodation entry operators and related companies by way of fake invoices and circular financial transactions," officials privy to the investigation said. They said the search operation was being conducted smoothly and that further investigation is underway. Earlier, the Enforcement Directorate (ED) on Friday carried out searches across eight places in Bihar, Delhi and Rajasthan in the case of alleged illegal sand mining done by Bihar-based Mahadev Enclave Pvt Ltd, controlled by one of the Chandak family of Sri Ganganagar in Rajasthan, headed by Ashok Chandak and his son Raghav Chandak. The raids have continued since morning, covering one spot each in Bihar's Banka and Patna, one in Delhi and NCR, as well as four spots in Sri Ganganagar and one in Jaipur. ED's Patna zonal office is conducting a search operation under section 17 of PMLA in the case.During the course of investigation, officials said, evidence was gathered that Mahadev Enclave Pvt Ltd had conducted illegal mining on a large scale and the same was not reported or noticed by the state mining department. (ANI)
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