Kolkata, September 18 (Daily Kiran) : The Enforcement Directorate (ED) has taken significant action in connection with the ongoing money laundering investigation related to loan defaults by the SREI Group in Kolkata. On September 11, the ED’s Kolkata zonal office conducted raids at multiple locations linked to the promoters of the ARSS Group in Odisha and the AMR/AMRL Group in Hyderabad.
These searches were carried out under Section 17 of the Prevention of Money Laundering Act (PMLA), 2002. During the operation, the ED confiscated and froze assets valued at approximately ₹6.35 crore. This includes around ₹1.5 crore in bank balances, nearly ₹2.9 crore in demat and security holdings, along with cash and jewelry worth about ₹1.95 crore.
According to the ED, the investigation focuses on fraudulent and irregular loans taken from SREI Infrastructure Finance Limited (SIFL) and SREI Equipment Finance Limited (SEFL), which were not repaid. Allegations suggest that both groups, along with several other entities, secured large credit facilities from SREI and subsequently defaulted.
The investigation has uncovered irregularities such as “evergreening,” where new loans are taken to pay off older ones, fund diversion, and round-tripping. The total outstanding amount owed to SREI by AMRL Hi-Tech City Limited/AMRL Group and ARSS Infrastructure Projects Limited/ARSS Group stands at ₹1,111 crore.
During the raids, the ED also seized various digital devices, account books, records related to movable and immovable properties, and other documents. Officials have indicated that this operation has yielded crucial information regarding the financial transactions and asset status of the involved entities and individuals.
The ED is currently conducting a detailed examination of the seized materials and tracing the sources and usage of funds from a money laundering perspective. The investigation is ongoing.
Leave a Comment