The Directorate of Enforcement (ED) carried out search operations on December 15, 2023, at multiple locations in Delhi NCR, Haryana, Chhattisgarh, and Maharashtra. The investigation was carried out as part of the PMLA, 2002 Prevention of Money Laundering Act against M/s SVOGL.
M/s Max Tech Oil & Gas Services Pvt Ltd., Oil Gas & Energy Limited, and additional related individuals or organizations. Based on two Federal Investigation Reports (FIRs) against M/s SVOGL Oil Gas & Energy Limited, M/s Max Tech Oil & Gas Services Pvt Ltd, Prem Singhee, Padam Singhee, and others that were filed with the Central Bureau of Investigation (CBI), the ED opened an investigation. According to the aforementioned First Information Reports, Prem Singhee and Padam Singhee, along with other designated banks, obtained a total of Rs. 252 crore [from Punjab National Bank under the name M/s SVOGL Oil Gas & Energy Limited] and Rs. 65 crores [from Bank of India under the name M/s Max Tech Oil & Gas Services Pvt Ltd.].
An ED investigation revealed that money was moved to several shell or dummy companies pretending to be expenses, and the promoters embezzled the money. Furthermore, the accused persons made investments that had nothing to do with the purposes of bank loans.
Evidence of sham transactions, dealings with shell companies, and investments in shares and real estate totaling approximately Rs. 90 crores were discovered during the search operations. In addition, valuables valued at Rs. 78 lakhs as well as a number of digital records and documents that could be used as evidence were found and taken during the search operations.
