Valuables worth Rs 78 lakh were seized after the Enforcement Directorate conducted searches against some oil and gas sector companies as part of a money laundering probe linked to an alleged bank loan fraud of more than Rs 300 crore.
The raids were conducted on December 15 at the premises of SVOGL Oil Gas and Energy Limited and Max Tech Oil and Gas Services Pvt Ltd. and their linked entities in Delhi and the national capital region, Haryana, Chhattisgarh and Maharashtra, the agency said in a statement issued on Monday.
The ED case, filed under the provisions of the Prevention of Money Laundering Act (PMLA), stems from FIRs registered by the CBI against the two companies, Prem Singhee, Padam Singhee and others.
According to the FIRs, the agency said, Prem Singhee and Padam Singhee along with others “cheated” banks to the tune of Rs 252 crore (availed from the Punjab National Bank)
Bank fraud: ED seizes Rs 78 lakh worth valuables, documents after raids on 2 companies
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