The Enforcement Directorate (ED) carried out raids on Tuesday at 19 areas throughout Mumbai, Delhi, and Gurgaon as a part of an ongoing investigation into the Suumaya-Dentsu cash laundering case involving an alleged embezzlement of Rs 137 crore. The raids resulted within the seizure of movable belongings, together with Rs 46 lakh in money, international foreign money value Rs 4 lakh, and gold bars valued at Rs 3.4 crore, as reported by Indian Specific.
The company additionally confiscated key paperwork linked to property transactions, together with digital units and different proof through the raids.
The ED’s cash laundering investigation stems from a case initially filed by Worli Police Station in March 2022 in opposition to Dentsu Communications India, Suumaya Industries, and its promoters. They’re accused of collaborating to divert Rs 137 crore underneath the pretext of providing advantages from a proposed ‘Have to Feed’ program.
The ED has said, “Accused individuals haven’t acquired any contract from the Authorities and there was no such program ever in existence both. Accused entities have the truth is by no means equipped any Agro product supplies for any such program. Nevertheless, so as to create the misunderstanding that it’s supplying Agro merchandise, the accused individuals on this case connived and created pretend data together with pretend lorry receipts and pretend invoices.”
The ED’s search operations uncovered that Suumaya group’s listed entities had been concerned in transactions amounting to Rs 5,000 crore, with solely 10% of those transactions being legit. The company revealed that these transactions adopted a round sample, inflating the turnover of the businesses concerned, together with Dentsu India.
The ED has said that buyers in Suumaya group’s listed entities had been misled into believing in inflated transactions, leading to vital surges in share costs. The company added that these round transactions contributed to the substitute enhance in turnover for entities bidding on authorities contracts, startups looking for increased valuations, and others.
The investigation revealed that this scheme was carried out in collaboration with inventory brokers and service provider bankers, with money funds made for commodity contracts on the NCDEX and the acquisition of firms that had been later listed on the inventory change.
Written with the View : afaqs
