Deepak Cables: ED seizes ₹1.27 crore cash and gold, freezes ₹18 crore in ₹899-crore bank fraud case in Bengaluru
Key points
- The Directorate of Enforcement (ED), Bengaluru Zonal Office, has seized cash and gold worth ₹1.27 crore and frozen bank accounts containing ₹18 crore, during searches conducted in connection with an alleged ₹899.35 crore bank fraud linked to Deepak Cables (India) Limited (DCIL).
- The searches were carried out under Section 17 of the Prevention of Money Laundering Act (PMLA), 2002, on multiple premises linked to the company and its associates on May 21 and May 29. According to the ED, several incriminating documents belonging to the DCIL, its director K.
- Venkateswara Rao, Kolkata-based businessman Mahesh Agarwal, director of Adhunik Corporation Ltd., and other related persons were seized during the operation.
- The money laundering investigation stems from a CBI case registered against the DCIL, Rao and others for allegedly cheating a consortium of banks led by the State Bank of India to the tune of ₹899.35 crore.
- Investigators alleged that the company...
Quick Summary
The Directorate of Enforcement (ED), Bengaluru Zonal Office, has seized cash and gold worth ₹1.27 crore and frozen bank accounts containing ₹18 crore, during searches
Why It Matters
This development is important because it may impact public opinion, policy decisions, and future developments related to Deepak Cables: ED seizes ₹1.27 crore cash and gold, freezes.
Key Takeaways
- The Directorate of Enforcement (ED), Bengaluru Zonal Office, has seized cash and gold worth ₹1.27 crore and frozen bank accounts containing ₹18 crore, during searches conducted in connection with an alleged ₹899.35 crore bank fraud linked to Deepak Cables (India) Limited (DCIL).
- The searches were carried out under Section 17 of the Prevention of Money Laundering Act (PMLA), 2002, on multiple premises linked to the company and its associates on May 21 and May 29.
- According to the ED, several incriminating documents belonging to the DCIL, its director K.
- Venkateswara Rao, Kolkata-based businessman Mahesh Agarwal, director of Adhunik Corporation Ltd., and other related persons were seized during the operation.
- The money laundering investigation stems from a CBI case registered against the DCIL, Rao and others for allegedly cheating a consortium of banks led by the State Bank of India to the tune of ₹899.35 crore.
📌 Source: The Hindu
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