ED raids Amrit group premises in Kolkata, Indore over investment fraud allegations
Enforcement Directorate searches 17 premises in Kolkata and Indore linked to Amrit group money laundering investigation over alleged investment fraud.
The Enforcement Directorate has searched about 17 premises across Kolkata and Indore connected to the Amrit group of companies and its promoters as part of a money laundering investigation into an alleged investment fraud, officials said.
The searches were conducted under the Prevention of Money Laundering Act (PMLA) and targeted locations in the two cities. Officials said the action followed allegations that numerous investors were cheated in the case.
Allegations against the group
According to officials, the Amrit group of companies and its directors are accused of collecting money from the general public under the guise of various deposit schemes. The schemes promised high returns to investors, but the company allegedly failed to repay the promised returns, the officials said.
The company or its promoters could not be contacted immediately for a comment on the ED action, officials added.
The PMLA probe indicates the agency is investigating whether proceeds from the alleged fraud were laundered through various channels.
Source: The Hindu
Frequently asked questions
What is the Enforcement Directorate investigating regarding the Amrit group?
The Enforcement Directorate is investigating the Amrit group of companies and its promoters for alleged investment fraud and money laundering under the Prevention of Money Laundering Act (PMLA). The investigation focuses on whether proceeds from the alleged fraud were laundered through various channels.
What were the allegations against the Amrit group?
The Amrit group is accused of collecting money from the general public through various deposit schemes that promised high returns. The company allegedly failed to repay the promised returns to investors, effectively cheating them.
Where did the ED conduct searches?
The Enforcement Directorate searched approximately 17 premises across Kolkata and Indore connected to the Amrit group of companies and its promoters.
What legal framework was used for these raids?
The searches were conducted under the Prevention of Money Laundering Act (PMLA), which gives the Enforcement Directorate authority to investigate suspected money laundering activities.
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