 "Enforcement Directorate")
The Enforcement Directorate on Thursday said it has seized Rs 1.15 crore cash, mobile phones and property documents after raiding the premises of a Punjab-based businessman in connection with a money laundering probe linked to an alleged bank loan fraud.
The searches were launched on December 27 at 11 business and residential premises of Pure Milk Products Pvt. Ltd (PMPPL), its directors Charanjit Singh Bajaj, Livtar Bajaj and Gurdeep Kaur, their associated entities, along with the premises of their associates, the federal probe agency said in a statement.
The money laundering case stems from a FIR of the Central Bureau of Investigation (CBI) filed against the accused earlier, it said.
The CBI FIR had alleged that PMPPL "committed the offence of forgery, cheating, submission of forged documents as genuine and other offences, and credit facilities sanctioned by the bank to PMPPL was Rs 62.13 crore and the total NPA (non performing asset) amount was Rs 60.74 crore as on 31/10/2019."
"The loan availed on the basis of inflated turnover was diverted or siphoned off by the...entities," it said.
Property documents, mobile phones and cash of about Rs 1.15 crore have been seized from the searched premises under the provisions of the Prevention of Money Laundering Act (PMLA), the agency said.
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