New Delhi, Sep 5 (PTI) The Enforcement Directorate on Tuesday said it has conducted raids against a Bhopal-based business entity–Peoples Group–and its linked entities as part of a money laundering investigation leading to seizure of Rs 8 lakh cash and some “incriminating” documents.
The searches were launched on Monday at multiple locations in the capital city of Madhya Pradesh.
Those covered included the Peoples Group, its linked entities like Sarvajanik Jankalyan Parmarthik Nyas, Peoples University, Sarks Metal Pvt Ltd, and their directors Rohit Pandit, Mayank Vishnoi and others, the agency said in a statement.
The ED case, filed under the provisions of the Prevention of Money Laundering Act (PMLA), stems from a complaint filed by the Registrar of Companies, Gwalior where it was alleged that the directors of the Peoples General Hospital Pvt Ltd, Peoples International and Services Pvt. Ltd. and PGH International Pvt Ltd abused their positions and gave loans of more than 250 crore at zero or very low interest rates to related entities, causing wrongful loss to the shareholders and wrongful gain to related entities. PTI NES DV DV
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