Latest News
-
Governor addresses Ex-Servicemen and Veer Naris
-
Growing relevance of Intellectual Property Rights stressed on World IP…
-
CM meets Defence Minister, seeks support for strengthening critical infra
-
Children participate in 32nd Ziro Bird Walk
-
DC visits KaHPS, stresses strict adherence to regulatory norms
-
Trainings on Bee keeping, sericulture promotion
-
National Panchayat Day observed across Lower Siang
-
AP QueerStation raises concern over Transgender Persons Bill 2026
-
BJP Arunachal condemns Opposition for blocking Women’s Reservation Bill
-
Mein attends foundation laying ceremony of international meditation center &…
25th Jan 2022 01:01:AM State
New Delhi, Jan 24 (PTI): The Enforcement Directorate (ED) on Monday said it has seized Rs 26.59 crore worth of cash, fixed deposits and gold and diamond jewellery after it raided a jewellery group in a money laundering probe linked to an alleged fraud with a Kerala-based bank.
The business premises and bank lockers of Atlas Jewellery India Ltd (AJIL) in Delhi, Mumbai and Bengaluru were searched on January 20 and 22 in a case of cheating South Indian Bank's Round South Branch in Thrissur, Kerala.
The probe by the federal agency was taken up after studying an FIR of the state police that was field against AJIL, its promoters M M Ramachandran and Indira Ramachandran.
The ED said in a statement that "with an intention to cheat the bank, they (promoters) planned and presented forged documents to the bank and availed loan worth Rs 242.40 crore during the period 21.03.2013 to 26.09.2018 and have not repaid the money."
"M M Ramachandran had invested Rs 100 crore by way of purchase of equity shares of Atlas Jewellery India Limited, New Delhi and transferred another Rs 14 crore in the escrow account with Axis Bank, New Delhi," the ED said.
During the raids, it said, a total seizure of Rs 26.59 crore in the form of fixed deposits, Indian currency, gold, silver and diamond jewellery has been made.
Kenter Joya Riba
(Managing Editor)She is a graduate in Science with post graduation in Sociology from University of Pune. She has been in the media industry for nearly a decade. Before turning to print business, she has been associated with radio and television.
Email: kenterjoyaz@easternsentinel.in / editoreasternsentinel@gmail.com
Phone: 0360-2212313
