On November 29 and 30, 2023, the Directorate of Enforcement (ED) carried out search operations at more than 14 locations in Chennai and Mumbai. Among the entities controlled by the Pukhraj Jain family (M/s Salem Stainless Steel Suppliers Private Limited, M/s Four Star Estates LLP, M/s High Hills LLP) and those controlled by Rajesh alias Saravanan Jeevanandam (M/s JKS Constructions, M/s Suyambhu Projects, M/s SK Traders, M/s GR Projects, M/s Karthik Traders) was Ramprasath Reddy, a former employee of M/s Gateway Office Parks Private Limited (formerly Shriram Properties and Infrastructure Private Limited), which was acquired by a global fund house Xander in 2017.
Based on an FIR against Ram Prasath Reddy and others filed by EDF-II, CCB, Chennai, the ED began a probe. According to the complaint filed by M/s Gateway Office Parks Private Limited, Chennai, the FIR was filed on the basis of siphoning off Rs. 129 Crore.
Ramprasath Reddy organized the embezzlement of Rs. 129 Crore through his family-owned firms, according to an ED inquiry. By using the issuing of fake invoices, the money was siphoned through the aforementioned businesses under the guise of payments for the provision of goods and services.
Shares, bank balances, and concealed cash or Indian currency were found as a result of the search activities. The aforementioned mobile homes, with a combined value of over Rs. 45 crore, were placed under freeze according to PMLA, 2002 section 17(1A). In addition, expensive residences in Chennai and Mumbai were located, as were other assets acquired with the proceeds of crime; relevant documentation was also taken. Additional research is currently being conducted.
