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In a significant development, the Enforcement Directorate (ED) intensified its pursuit of financial irregularities by conducting search operations on December 15, 2023, across various locations in Delhi NCR, Haryana, Chhattisgarh, and Maharashtra. This sweeping investigation carried out under the Prevention of Money Laundering Act (PMLA), 2002, targets M/s SVOGL Oil Gas & Energy Limited, M/s Max Tech Oil & Gas Services Pvt Ltd, and other interconnected individuals/entities.
The ED’s involvement stems from two FIRs registered by the Central Bureau of Investigation (CBI) against M/s SVOGL Oil Gas & Energy Limited, M/s Max Tech Oil & Gas Services Pvt Ltd, Prem Singhee, Padam Singhee, and others. According to the FIRs, Prem Singhee & Padam Singhee, along with accomplices, orchestrated fraudulent activities resulting in a financial swindle of Rs. 252 Crore (from Punjab National Bank) and Rs. 65 Crore (from Bank of India).
“The ED’s investigation brought to light a complex web of deceit, where funds were transferred to shell/dummy companies under the guise of expenses and subsequently siphoned off by the promoters. The accused individuals also diverted bank loans for investments unrelated to their intended purposes”.
“During the search operations, the ED uncovered damning evidence of sham transactions, dealings with shell entities, and investments in shares and immovable properties, cumulatively amounting to approximately Rs. 90 Crore. Additionally, valuables worth Rs. 78 lakh and various incriminating documents/digital records were seized”.
As the investigation progresses, these findings shed light on the intricate financial maneuverings employed by the accused parties, emphasizing the need for rigorous enforcement to curb money laundering and financial fraud in corporate entities. The ED’s actions underscore the commitment to uphold financial integrity and hold those engaged in fraudulent activities accountable.
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