Lucknow, 24 April: The Enforcement Directorate (ED) team raided 10 locations of Tulsiani Group on Wednesday for embezzling crores of rupees from banks and investors. The raids are going on in the capital Lucknow, Prayagraj, Noida, Delhi and Gurugram.
The ED had registered a case against the company under the Prevention of Money Laundering Act (PMLA) in December last year. The allegation was that the company had taken a loan of โน 4.63 crore from Punjab National Bank by submitting fake documents. When the bank corresponded for loan recovery, there was no response from the company.
On the complaint of the bank manager, a case was registered against Tulsiani Group director Mahesh Tulsiani, Anil Kumar Tulsiani and former directors at Hazratganj Kotwali. In this case, the ED team has conducted raids in many districts including Lucknow on Wednesday.
The police had also arrested Ajay Tulsiani and Anil Kumar Tulsiani on charges of embezzling crores of rupees from investors. However, no official statement has been issued regarding the raids.
