ED Seized Rs 6 Crore Cash In A Bank Fraud Case

ED seized Rs 6 crore cash in a bank fraud case, raids were conducted on several locations.

The Enforcement Directorate (ED) on Saturday raided a Rs 488 crore bank fraud case and seized Rs six crore. Not only this, but he has also recovered foreign currency.

The ED said the raids were carried out at the locations of consultancy and builder group-True Value Group, Vipul, and Manish Associates.

The ED had registered a case against the Ardor Group of Companies in Ahmedabad under the Money Laundering Act in the Bank forgery case.

The ED said that the directors of the company had committed fraud in association with unknown bank officials. The banks had suffered a loss of about Rs 488 crore.

It is alleged that Vipul, Manish Associates, and True Value Management Consultants Private Limited formed several fake companies and appointed their relatives as directors.

This was done largely to get loans from banks. Money was later transferred to the Ardor Group through these companies.

ED arrested the director of Ahmedabad company

On the other hand, a few days ago, the Director of Enforcement (ED) of an Ahmedabad-based biotech company was arrested on charges of money laundering in connection with the Rs 25.25 crore forgery case with the cooperative bank.

The ED had said that Niketa Baldevbhai Dave, director of Pentium Infotech Limited and Hiram Biotech Limited, was arrested under the Prevention of Money Laundering Act (PMLA).

Dave was handed over to ED by the local court in Ahmedabad till 17 October.

The Central Investigation Agency had said that apart from Dave, Prateek R Shah, the other director of these firms, forged Rs 25.25 crore with Ahmedabad People’s Cooperative Bank Limited (APCBL).

The CID crime branch of the Gujarat Police had registered a case against him in May 2009. Based on this FIR, the ED registered a criminal case.