Enforcement Directorate Uncovers Rs. 8 Crore in Mumbai Money Laundering Raids

The Enforcement Directorate executed raids at nine locations in Mumbai and Aurangabad under the PMLA, 2002. The operation, linked to M/s Spectra Industries' bank fraud case, seized Rs. 8 crore in assets, including bank balances and securities. Further details are pending.

The Directorate of Enforcement (ED) in Mumbai recently executed search operations at nine distinct locations across Mumbai and Aurangabad. These actions were carried out under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, according to an agency statement released on Wednesday.

The raids, conducted on Tuesday, were part of an investigation into a money laundering case involving bank fraud allegations against M/s Spectra Industries Limited (SIL) and various other entities.

The enforcement operation successfully led to the freezing of assets, including bank balances, fixed deposits, equity shares, and securities worth approximately Rs. 8 Crore. Further information is currently awaited.