In conjunction with an ongoing investigation into M/s PCH Marketing Private Limited (PCHMPL) & Ors. under the terms of the Prevention of Money Laundering Act, 2002 (PMLA), the Directorate of Enforcement (ED) searched six locations in Hyderabad on July 17, 2023.
On the basis of a FIR filed by the CBI BS&FB, Bangalore against M/s PCH Marketing Private Limited (PCHMPL) & Ors. under different IPC and PCA sections for engaging in fraud with the State Bank of India that resulted in unlawful losses to the Bank of Rs. 240.35 Crore, ED opened a PMLA probe.
Through forgery, manipulation, the production of phoney financial statements, bogus transactions, the routing of money to affiliated businesses, and the use of loan funds for unlawful purposes, the accused people diverted and syphoned off bank loans, according to an ED investigation.
Digital scraps of evidence and damning papers, including records of properties thought to have been purchased with the proceeds of crime, were found during ED searches. Unaccounted cash worth Rs. 62.50 lakhs and foreign money worth Rs. 7 lakhs (approximately) were discovered and seized during searches. Additionally, bank accounts worth around 32.35 lakhs rupees were blocked. Further research is now being conducted.
