ED Seizes Valuables Worth Rs 78 Lakh in Oil and Gas Sector Money Laundering Probe

ED Seizes Valuables Worth Rs 78 Lakh in Oil and Gas Sector Money Laundering Probe

VoM News Desk | December 19, 2023 | 07:39 PM IST | Breaking News, Crime | Follow on Google News

ED Seizes Valuables Worth Rs 78 Lakh in Oil and Gas Sector Money Laundering Probe

ED Seizes Valuables Worth Rs 78 Lakh in Oil and Gas Sector Money Laundering Probe

The Enforcement Directorate (ED) conducted searches on several oil and gas sector companies, uncovering a significant haul of valuables valued at Rs 78 lakh. This operation was part of an ongoing money laundering investigation linked to an alleged bank loan fraud exceeding Rs 300 crore.

The searches, executed on December 15, targeted the premises of SVOGL Oil Gas and Energy Limited, Max Tech Oil and Gas Services Pvt Ltd., and their associated entities across Delhi, the national capital region, Haryana, Chhattisgarh, and Maharashtra. The ED, in its statement released on Monday, detailed the developments.

The ED’s case, filed under the provisions of the Prevention of Money Laundering Act (PMLA), was initiated following FIRs registered by the Central Bureau of Investigation (CBI) against the two companies—SVOGL Oil Gas and Energy Limited and Max Tech Oil and Gas Services Pvt Ltd.—and individuals including Prem Singhee, Padam Singhee, and others.

As per the FIRs, the ED stated that individuals involved had allegedly defrauded banks of Rs 252 crore through Punjab National Bank (on behalf of SVOGL Oil Gas and Energy Limited) and Rs 65 crore from Bank of India (linked to Max Tech Oil and Gas Services Pvt Ltd.). The ED’s investigation revealed that funds were transferred to fictitious companies under the guise of expenses and then diverted by the promoters. Moreover, the accused made unrelated investments misusing the bank loans.

During the search operation, evidence was discovered, pointing to fake transactions, dealings with shell entities, and investments in shares and properties amounting to approximately Rs 90 crore, the agency disclosed. Additionally, the ED seized valuables worth Rs 78 lakh, alongside several incriminating documents and digital records.

VoM News Desk

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