The ED is conducting investigations at 16 locations in Delhi, Mumbai and Chennai on charges of money laundering | News Bharat

The Enforcement Directorate (ED) has searched 16 premises in Chennai, Mumbai and Delhi under the Prevention of Money Laundering Act, 2002, covering offices and residential premises of a few companies and their promoters.

They are Securekloud Technologies Limited, Pro Fin Capital Services Limited, Quantum Global Securities Limited (QGSL), Unity Global Financial Services Pvt Limited and Desert River Capital Pvt Ltd.

In this case, the investigations conducted led to the seizure of Rs 1.04 crore in cash, gold and diamond jewellery, identification of properties worth over Rs 30 crore and other movable assets in various DEMAT accounts and seizure of charging documents and digital evidence.

The agency has launched a money laundering investigation based on an FIR filed on February 2, 2019 by Suresh Venkatachari, promoter and CEO of Securekloud Technologies Limited. A PMLA investigation revealed that the directors and beneficial owners of these stock broking and financial services companies transferred shares worth Rs 160 crore off-market and then sold them to generate huge criminal profits, the agency said in a statement on Friday.

“The investigation also revealed that the complaint filed by the STL promoter was misleading as he and his CFO were involved in a larger conspiracy to defraud the public by inflating the company’s books and diverting the company’s funds into unrelated businesses. they hold CFO and CEO shares of STL (Securekloud),” he added.

A further investigation is underway, the agency said.

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