Enforcement Directorate (ED) raided eight locations in Raipur and one in Indore in a Prevention of Money Laundering Act (2002) Act case, wherein, banks were allegedly duped off huge amount of money through forgery by main accused and his associates.
The proceeds of crime are expected to be to the tune of Rs 100 crores approximately.
The searches are being conducted at the premises of the main accused Subhash Sharma, his relatives, accomplices and business associates.
Sharma allegedly defrauded the banks by taking a huge amount of money by way of loan or overdraft facility by forgery and cheating.
Such loans have been reportedly siphoned-off by routing through approximately 30 entities created by Sharma and his associates to purportedly utilise it for purposes other than business purposes.
Apart from Rs 15 lakhs cash recovery, ED has recovered incriminating documents in the form of loose papers containing transaction details, property documents in the name of different entities, family members and other persons, power of attorney etc in the searches.
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