Chennai, Sep 4
In multi-city searches, the ED identified illegal assets and froze bank accounts as part of Rs. 637.58 crore bank loan fraud and related money laundering by a company identified as Arvind Remedies, an official said on Thursday.
The ED, Chennai Zonal Office, conducted searches on September 2 and 3 at various locations in Chennai, Kancheepuram, Goa, Kolkata and Mumbai, and inspected the premises of promoters, dummy Directors and key persons of Arvind Remedies under the PMLA, 2002.
About 15 Lakh shares of various listed as well as unlisted companies held by promoters have been frozen, said the ED.
Many dummy Directors were appointed by the Promoter Arvind B Shah through brokers to manage the shell companies.