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Friday, January 27, 2023

ED raids 16 places in Chennai, Mumbai, Delhi in PMLA case


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Chennai: The Directorate of Enforcement (ED) has searched 16 premises belonging to five firms and their promoters across Chennai, Mumbai and Delhi under the Prevention of Money Laundering Act, 2002.

A release from ED said the raids were conducted in the office and residential premises of Securekloud Technologies Limited (STL), a listed entity, Pro Fin Capital Services Limited, Quantum Global Securities Limited (QGSL), another listed company, Unity Global Financial Services Private Limited and Desert River Capital Private Limited which are share brokerage and financial services companies and its promoters.

During the searches, Rs 1.04 crore in cash, gold and diamond jewellery, identification of immovable properties of more than Rs.30 crore and other movable assets in various DMAT accounts, incriminating documents and digital evidences were seized.

ED has initiated money laundering investigation on the basis of FIR was registered on February 2, 2019 by Suresh Venkatachari, the promoter and CEO of STL before the
Central Crime Branch, Chennai under sections 420, 465, 468, 471 and 120-B of IPC
against QGSL and its Directors and Rohit Arora.

As the FIR covered scheduled offence u/s 420, 471 and 120B of IPC, a case was booked under the PMLA.

The company STL, earlier known as 8k Miles Software Services Limited, a software and IT services company having presence in India and USA.

The complaint was lodged against some sharebrokers and financial service provider companies which sold the shares pledged by the promoter of STL in order to borrow
loan against STL shares. The complaint also stated that the share brokers who have
provided loan forged the signatures on Delivery Instruction slips and sold the shares
in off-market.

Investigations revealed that the directors and beneficial owners of these share brokerage and financial services companies have transferred the shares worth Rs.160 crore in
off-market and subsequently sold the same to generate huge proceeds of crime.

The investigation also revealed that the complaint lodged by the Promoter of STL was
misleading as he and his CFO are involved in larger conspiracy of cheating general
public by way of inflating books of company, diverted funds of company to the unrelated
business activities of companies having stakes of CFO and CEO of STL.

Even the suspicious activity for share price manipulation was being done by some
unscrupulous share traders with tacit support and connivance of senior management
of STL was noticed and the same is being looked into.

The lager conspiracy of promoters of listed company and the share broking companies
that have provided loan and allegedly sold away the shares of company was under
investigation from the perspective of money laundering.

Further investigation is under progress.


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