New Delhi, Sept. 2 -- The Enforcement Directorate (ED) is conducting search operations at premises linked to Arvind Remedies Ltd and its promoters in Chennai, Kolkata, Goa and Kanchipuram in connection with a PMLA case related to Bank loan fraud of Rs 637 crore.
According to the sources, the action is part of a PMLA investigation into alleged bank fraud & siphoning of funds via shell entities.
Punjab National Bank (PNB) filed a complaint with CBI against Arvind Remedies Ltd and its promoter Arvind B Shah and others for Bank Fraud amounting to Rs 637 crore.
PNB was the leader of consortium of banks consisting of various banks namely UBI, SBI, IDBI Bank, Allahabad Bank, Karur Vysya Bank, Indian Overseas Bank, Corporation Bank which extende...