News Karnataka
Friday, March 29 2024
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Bengaluru

ED search operations: Assets worth Rs. 26.59 Crore seized

ED, money laundering
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Bengaluru: The Enforcement Directorate (ED) has seized assets worth Rs. 26.59 Crore in a search operations conducted at M/s Atlas Jewelry India Limited (AJIL) for three days in Bengaluru, Mumbai and New Delhi under the Prevention of Money Laundering Act (PMLA), 2002.

In a press release, the ED said that the money laundering investigation was initiated based on the FIR registered by the Kerala Police for cheating South Indian Bank, Round South Branch, Thrissur, Kerala. The accused had submitted forged documents to the bank and availed a loan of Rs 242.40 crore between 2013 and 2018, and did not repay the amount, release added.

Police FIR named M/s Atlas Jewellery, MM Ramachandran and Indira Ramachandran in the case.

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