Bank fraud case: ED conducts raids at 11 locations, seizes Rs 20 lakh

New Delhi, May 9: The Enforcement Directorate has seized Rs 20 lakh in cash and high-end luxury cars while it froze Fixed Deposits (FDs) worth Rs 1 crore, as part of an investigation into a multi-crore bank loan fraud linked to the promoters and group companies of Shree Raj Mahal Jewellers, an official said on Thursday.

The action came after raids were conducted at 11 locations on Tuesday in Delhi-NCR belonging to the Shree Raj Mahal Jewellers Pvt Ltd, Ginni Gold Pvt Ltd, Ashok Goel, Pradeep Goel, Praveen Kumar Gupta (promoters/directors) and several shell companies related to them.

“During the search operations conducted on Tuesday, cash amounting to Rs 20.50 lakh, five high-end luxury cars, including Mercedes and BMW and FDs worth Rs 1 crore held by the promoters in the name of dummy entities/ persons, various evidence related to assets/ bank accounts held through several shell companies by the promoters were recovered and seized,” the financial probe agency said.

ED has said that several FIRs have been filed against the promoters and group entities of Shree Raj Mahal Jewellers for allegedly defrauding banks of Rs 232 crore.

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