New Delhi, 2 September (Kiran News): The Enforcement Directorate (ED) conducted raids on Tuesday in connection with two money laundering cases related to bank loan fraud. The operations were carried out across Delhi, Maharashtra, Tamil Nadu, West Bengal, and Goa.
Official sources reported that the searches were conducted under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, targeting ‘Arvind Remedies’ and its promoter Arvind B. Shah. The raids were executed at premises in Chennai and Kanchipuram (Tamil Nadu), Kolkata (West Bengal), and Goa. In a separate case, ED searched a total of 10 locations—nine in Delhi and one in Pune—linked to ‘Gupta Exim India Private Limited’.
According to available information, the raids are connected to a money laundering case dating back to July 2021. The Central Bureau of Investigation (CBI) had registered a case in October 2016, alleging that the company and its promoter defrauded a consortium of banks led by Punjab National Bank (PNB) of around Rs 637 crore.
This is the second instance of ED’s action under the Prevention of Money Laundering Act, 2002, based on a CBI FIR against the company, its promoters, and directors. The case pertains to the alleged misappropriation of a loan of approximately Rs 425 crore taken from Punjab National Bank (formerly e-OBC Bank).
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.