On Friday, the Enforcement Directorate (ED) has raided six different locations in Mumbai and interconnecting areas as registered a money-laundering scam to probe alleged fraud in Punjab and Maharashtra Cooperative or PMC Bank Case, reports official.
They also informed that the raids were being conducted after a criminal complaint was lodged by the central probe agency under the Prevention of Money Laundering Act (PMLA).
The ED case is based on an FIR registered by the Economic Offences Wing (EOW) of the Mumbai Police.
The raids at six distinct places are objected at gathering additional evidence, sources in the ED told news sources.
Enforcement Directorate and Mumbai Police are investigating against Promoters and Bank Management of the HDIL (Housing Development Infrastructure Limited).
Based on a case lodged by an appointed administration of RBI (Reserve Bank of India), the FIR was filed last week on charges of cheating, forgery, and criminal conspiracy against the officials.
According to the initial probe, Mumbai Police has said that PMC Bank is running under the loss of Rs. 4355.46 crore since 2008.
Former Chairman of PMC Bank, Waryam Singh, PMC’s Managing Director Joy Thomas, and other veteran officials, along with a Director of HDIL, have also been named in the FIR.