Overview

• The ED executed coordinated searches across Mumbai, Pune, Goa and Chennai on July 9–11 under the Prevention of Money Laundering Act following multiple FIRs.
• Investigators uncovered evidence of loan defaults amounting to Rs 206.35 crore from Axis Bank and Rs 180 crore from Laxmi Vilas Bank.
• Seized items include property documents valued at around Rs 200 crore, unaccounted cash of Rs 8 lakh and several digital devices.
• Preliminary findings indicate promoters misused inflated royalty payments and manipulated share subscription premiums to divert funds to shell companies.
• The probe is ongoing as the ED traces overseas investments and promoter-linked assets to build its money laundering case.