The Enforcement Directorate raided 17 locations across Maharashtra and Delhi, targeting firms like Suraksha Asset Reconstruction and Suraksha Realty. The searches are part of an investigation into a YES Bank loan fraud and money laundering case.
The Enforcement Directorate (ED) on Tuesday conducted searches at 17 locations across Maharashtra and Delhi, covering the premises of three private firms, its promotors, directors and employees and a former YES Bank employee.
The raids are still underway at these places in Maharashtra's Mumbai and Khandala as well as Delhi covering premises of Suraksha Asset Reconstruction Company Ltd (SARCL), Suraksha Realty Ltd, Khyati Realtors Pvt Limited among other individuals, officials said.
Details of the Investigation
The raids are being conducted in case of fraudulent assignment of YES Bank loan of Mackstar Marketing Pvt Ltd and other such loans during Financial Year (FY) 2016-17 to FY 2017-18.
ED's Mumbai Zonal Office-I is conducting the searches to unearth the evidence "related to the offence of money laundering involving collusion" of Asset Reconstruction Companies (ARCs) with YES Bank by engaging in circular transactions to fraudulently takeover of stressed assets, to undervaluation of assets auctioned, inflated and fraudulent claims involved and creditor voting rights in the National Company Law Tribunal (NCLT) process and transparency of the Corporate Insolvency Resolution Process (CIRP) process.
There is no comment yet from the companies over the ED action.
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