The Enforcement Directorate has carried searches at 12 locations in Mumbai as part of its probe into a Rs 142-crore bank fraud case, the agency said on Saturday.
ED has initiated a probe based on an FIR registered by the Central Bureau of Investigation (CBI) against M/s Rialto Exim Private Limited, M/s Pushpak Bullion Private Limited, Chandrakant Patel and others under the Indian Penal Code and Prevention of Corruption Act.
According to a release by the agency, it carried out searches on Thursday and uncovered details of immovable assets and movable assets (bank funds) and various other 'incriminating' documents that were seized or frozen.
Those named in the case are accused of causing wrongful the Central Bank of India and Bank of India a loss of Rs 142.72 crore.
M/s Rialto Exim Private Limited is linked with Pushpak Group and was involved in circular transactions with various related entities of Pushpak without any actual trade or business for financial manipulation, the release said.
ED has discovered transactions of over Rs 500 crore between M/s Rialto Exim and other Pushpak Group entities. Transactions with various Dubai-based dummy entities and the purchase of a mine in the US by Pushpak Group's foreign entity were also uncovered during the searches and investigation, the release said.
The anti-money laundering agency has also come across more than Rs 84 crore of cash deposits, during demonetisation, in entities related to Pushpak Group. Further investigation is underway, the release added. --
PTI
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