The ED filed the case under the provisions of the Prevention of Money Laundering Act (File)
Valuables worth Rs 78 lakh were seized after the Enforcement Directorate conducted searches against some oil and gas sector companies as part of a money laundering probe linked to an alleged bank loan fraud of more than Rs 300 crore.
The raids were conducted on December 15 at the premises of SVOGL Oil Gas and Energy Limited and Max Tech Oil and Gas Services Pvt Ltd. and their linked entities in Delhi and the national capital region, Haryana, Chhattisgarh, and Maharashtra, the agency said in a statement issued on Monday.
The ED case, filed under the provisions of the Prevention of Money Laundering Act (PMLA), stems from FIRs registered by the CBI against the two companies, Prem Singhee, Padam Singhee, and others.
According to the FIRs, the agency said, Prem Singhee and Padam Singhee along with others "cheated" banks to the tune of Rs 252 crore (availed from the Punjab National Bank in the name of SVOGL Oil Gas and Energy Limited) and Rs 65 crore (from the Bank of India in the name of Max Tech Oil and Gas Services Pvt Ltd.).
The agency claimed its probe found that "money was transferred to various shell/dummy companies in the guise of expenses and the same was siphoned off by the promoters. The accused persons also made investments which were unconnected with the purposes of bank loans." Evidence relating to sham transactions, transactions with shell entities, and investments in shares and immovable properties to the extent of about Rs 90 crore were recovered during the searches, it said.
Valuables worth Rs 78 lakh and various "incriminating" documents and digital records were also seized during the operation, it said.
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