The Enforcement Directorate (ED) on Tuesday carried out searches in Tamil Nadu, West Bengal, and Goa in connection with a money laundering probe linked to an alleged INR 637 crore bank loan fraud by Chennai-based Arvind Remedies Ltd and its promoter, Arvind B. Shah.
According to officials, raids were conducted at premises in Chennai and Kanchipuram in Tamil Nadu, Kolkata in West Bengal, and several locations in Goa. The case stems from a 2016 CBI FIR accusing the company and its promoter of cheating a consortium of lenders led by Punjab National Bank.
The ED, which registered the money laundering case in July 2021, found through its analysis of annual reports, financial records, and 294 bank accounts that loan funds were allegedly siphoned off via shell entities controlled by the promoters.