ED Raids Multiple Locations Uncovering Alleged Financial Irregularities Worth Rs 90 Crore
Pune, 19th December 2023:
In a significant development, the Enforcement Directorate (ED) carried out extensive search operations on December 15, 2023, across various regions encompassing Delhi NCR, Haryana, Chhattisgarh, and Maharashtra. The raids were conducted under the purview of the Prevention of Money Laundering Act, 2002, targeting M/s SVOGL Oil Gas & Energy Limited and M/s Max Tech Oil & Gas Services Pvt Ltd. along with several associated individuals and entities.
During these meticulously executed searches, the ED unearthed compelling evidence indicating purportedly fraudulent activities. The evidence primarily pertains to the discovery of sham transactions, alleged engagements with shell entities, and substantial investments amounting to approximately Rs. 90 Crore. This staggering revelation underscores potential financial improprieties and raises concerns regarding the integrity of the entities under scrutiny.
Furthermore, alongside the purported transactions, the ED also seized valuables estimated to be worth Rs. 78 lakh. The recovered items include a diverse range of valuables and various incriminating documents and digital records, hinting at a complex web of financial operations and possible discrepancies.
The findings from these operations have sparked heightened scrutiny and shed light on the intricate nature of the alleged financial irregularities. The implications of these revelations are expected to trigger an extensive investigation by the enforcement agencies to ascertain the veracity of the uncovered evidence and establish the full extent of the purported wrongdoings.
