ED Cracks Down: Major Raids in Multi-State Money Laundering Probe

The Directorate of Enforcement conducted search operations across nine Indian states targeting the Pearl Agro Corporation Limited in connection to money laundering. Actions under the Prevention of Money Laundering Act led to the seizure of incriminating documents, marking a significant step in the ongoing investigation into a large-scale chit-fund scam.

The Directorate of Enforcement (ED) launched a sweeping operation involving search operations at 44 locations across several states including Delhi, Haryana, Punjab, Maharashtra, Telangana, Karnataka, West Bengal, Rajasthan, and Uttarakhand. The move targets Pearl Agro Corporation Limited (PACL) amidst allegations of money laundering.

Authorities invoked the Prevention of Money Laundering Act (PMLA), 2002, as they carried out raids over the weekend. According to a statement by the ED's Delhi Zonal office, the searches yielded a significant cache of incriminating documents that were promptly seized. The operation is believed to be part of an expansive investigation into the company's financial dealings, previously targeting key locations in Kolkata, Punjab, Delhi, and Mumbai.

A source close to the investigation revealed that the ED is focusing its efforts on over two dozen sites in these regions as they work to unravel a notorious chit-fund fraud intertwined with money laundering activities. These actions mark a critical escalation in the agency's continual pursuit to uphold financial integrity and accountability across India.

(With inputs from agencies.)