Enforcement Directorate Seizes Over ₹24 Crore in Two High-Profile Money Laundering Cases

Assets linked to Geodesic Limited and Spectra Industries Limited were attached following investigations into fraudulent financial activities and fund misappropriation.

The Enforcement Directorate (ED) provisionally attached assets worth ₹11.07 crore from Geodesic Limited in a money laundering case involving the alleged misuse of $125 million raised through Foreign Currency Convertible Bonds (FCCBs).
Geodesic Limited is accused of diverting FCCB funds into shell companies and fictitious transactions, with the intent to siphon off money under the guise of legitimate business activities.
Four individuals, including Geodesic's directors and their tax consultant, were arrested, and earlier attachments in this case amounted to ₹57.14 crore.
In a separate case, the ED attached assets worth ₹13 crore belonging to Spectra Industries Limited and its directors for defrauding a consortium of banks of ₹27.6 crore through fraudulent transactions and circular trading.
The attached properties in both cases include residential flats, commercial spaces, agricultural land, and bank deposits across multiple states, as part of efforts to prevent the sale or transfer of proceeds from alleged financial crimes.