ED Freezes Deposits Worth Rs 95 Crores After Raids On Rashmi Group

The Enforcement Directorate (ED) on Friday said it has frozen bank deposits with about Rs 95 crore after it raided multiple premises of the West Bengal-based Rashmi group of companies as part of a money laundering investigation.

The ED is probing the company and its promoters in a case related to the loss of Rs 73.40 crore to the public exchequer by "deliberate mis-declaring the facts and misusing the dual freight policy of the Indian Railways to avail wrongful benefits of a lower tariff of freight for transportation of iron ore", the agency said in a statement.

The searches were carried out on July 13 at 3 places in West Bengal, it said.

The money laundering case stems from the Central Bureau of investigation's (CBI) First Information Report (FIR) against the Rashmi group of companies. These include Rashmi Cement Ltd and Rashmi Metalik Ltd. "As a result of the search operation, Rs 64.97 crore lying in the bank account of the companies has been frozen," the ED said.

Besides, Rs 1.01 crore in cash was seized from the searched premises, it said.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)