Series of Searches at places including CA’s Offices: ED unearths almost 31 Crores worth of Assets and Incriminating Materials

Series of Searches - CA's Offices- ED unearths-- 31 Crores worth of Assets - Incriminating Materials - Taxscan

The Directorate of Enforcement conducted more than thirty five searches in the past day at various places including the offices of Chartered Accountants.

The ED searched 16 premises across Chennai, Mumbai and Delhi covering office & residential premises of Securekloud Technologies Ltd., a listed entity, Quantum Global Securities Ltd, Pro Fin Capital Services Ltd, another listed company, Unity Global Financial Services Pvt Ltd & Desert River Capital Pvt Ltd which are share brokerage and financial services companies and its promoters under Prevention of Money Laundering Act(PMLA), 2002.

PMLA investigation revealed that the directors and beneficial owners of these share brokerage and financial services companies have transferred the shares worth Rs.160 crore in off-market and subsequently sold the same to generate huge proceeds of crime.

In another matter, ED searched 17 premises across Mumbai and Nagpur under Prevention of Money Laundering Act, 2002, covering office and residential premises of various persons involved in smuggling of Betel nuts of Indonesian origin, smuggled mostly via Indo-Myanmar Border.

The searches led to seizure of Rs. 1.04 Crore in cash, gold and diamond jewellery, identification of immovable properties of more than Rs. 30 Crore and other assets and incriminating media/documents.

Offices of many Chartered Accountants in Nagpur also came under the ED’s radar, after an offence was allegedly registered in Mumbai. No further details were disclosed in this regard by the Directorate.

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