New Delhi [India], July 11 (ANI): The Enforcement Directorate (ED) has seized Rs 2.98 crore in cash and some incriminating documents during raids conducted in West Bengal, Uttar Pradesh and Maharashtra in a money laundering case of Humara India Credit Cooperative Society, the agency said on Thursday.
The incriminating documents include books of account, and digital devices of Humara India and other Sahara Group entities.
ED’s Kolkata Zonal Office conducted the search operations under the provisions of Prevention of Money Laundering Act (PMLA), 2002 at the premises of suspects in West Bengal’s Kolkata, Uttar Pradesh’s Lucknow, and Maharashtra’s Mumbai.
ED initiated an investigation on the basis of various First Information Reports (FIRs) registered by Bihar Police, Rajasthan Police and Odisha Police under various sections of IPC, 1860 against the Humara India Credit Cooperative Society, Sahara India Group companies, and associated persons.
ED investigation revealed that the Society has collected more than Rs 24,000 crore from more than one crore investors and depositors by promising them high returns.
Subsequently, the ED said, the society failed to refund the maturity amount even after the due maturity date.
“Further, investigation revealed that the Proceeds of Crime (PoC) so generated by the society were transferred to several Sahara group entities including Ambay Valley City Limited. These PoC are being traced,” added the agency. (ANI)
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