The Directorate of Enforcement (ED), during its searches conducted at 15 locations in Delhi-NCR, has seized cash amounting to Rs 1.3 crore along with incriminating evidence, in a case of defrauding of banks by some individuals, the agency said on Friday.
In the searches conducted on Wednesday, the federal anti-money laundering agency also recovered and froze Demat accounts with an investment valued at about Rs 2.5 crore.
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High-end luxury cars with a purchase value to the tune of Rs 4 crore, bought in the name of shell companies, have also been seized by the agency, it said.
The ED probe stems from an FIR registered by the Central Bureau of Investigation (CBI) against erstwhile Kwality Limited through its directors was allegedly involved in the falsification of and fabrication of account books by misinterpreting sales, purchases, debtors, and creditors, thereby cheating consortium of banks.
The FIR quantified the loss to the consortium banks to the tune of Rs. 1400.62 Crore.
The probe so far has revealed that the then promoters/directors allegedly manipulated the books of accounts to show higher sales and debtors.
They falsely showcased huge amounts of trading without actual physical deliveries or receipt of the goods at factory premises.
The agency said it noticed sham companies operated through implanted owners, who also sought loans, but such funds were used as per the instructions of erstwhile Kwality Ltd.
The funds that were receivable against credit sales were also hugely inflated to cheat the banks.
According to the ED, the funds allegedly diverted through the modus operandi were circulated with layers to conceal the origin and routed to different accounts as per the instructions of the promoters for purposes not intended by the banks.
The agency said further investigation is in progress into the case.
