New Delhi [India], June 14 (ANI): The Enforcement Directorate conducted search operations at various locations in Hyderabad, Kurnool and Ghaziabad in a money laundering case, officials said on Friday.
The ED informed that during the search operation, various incriminating documents and digital devices were recovered and an amount of Rs. 1.45 crore (approx.) lying in the bank accounts was seized.
“ED, Hyderabad has conducted search operations at various locations in Hyderabad, Kurnool & Ghaziabad in a money laundering case against M/s Ramakrishna Electronics, M/s Ramakrishna Teletronics Pvt Ltd (RTPL) and others in a case of Bank Fraud,” ED posted on X.
“During the search operations, various incriminating documents and digital devices were recovered and seized, and an amount of Rs. 1.45 crore (approx.) lying in the bank accounts of directors and partners and their associated entities was frozen,” the central probe agency added.
Earlier, the ED seized and frozen various movable assets to the tune of Rs 8 crore during raids conducted at 19 locations in Mumbai and Pune as part of the ongoing probe in the case of “Fairplay” (https://thefairplay.io) which was involved in illegal broadcasting of cricket and IPL matches and various online betting activities including results of Lok Sabha Elections 2024.
The assets include cash, bank funds, demat account holdings and luxury watches, said the ED, Various other incriminating documents and digital devices were also seized.
ED’s Mumbai Zonal Office conducted these search operations on June 12 under the Prevention of Money Laundering Act (PMLA), 2002.
ED initiated the investigation based on the First Information Report (FIR) registered by Nodal Cyber Police, Mumbai on the complaint of Viacom18 Media Pvt Limited under various sections of the Indian Penal Code (IPC), 1860, Information Technology Act, 2000 and Copyright Act, 1957 against Fairplay Sports LLC and others for causing loss of revenue of more than Rs 100 crore (Proceeds of Crime).
ED initiated the investigation based on the First Information Report (FIR) registered by Nodal Cyber Police, Mumbai on the complaint of Viacom18 Media Pvt Limited under various sections of the Indian Penal Code (IPC), 1860, Information Technology Act, 2000 and Copyright Act, 1957 against Fairplay Sports LLC and others for causing loss of revenue of more than Rs 100 crore (Proceeds of Crime).
“Further, the investigation conducted till date revealed that Fairplay collected funds through various bogus and shell bank accounts, which in turn were layered through the complex web of bank accounts of shell entities and were then accumulated in Pharma companies involved in bogus billing,” said the ED in a statement.
“Investigation further revealed that funds from these companies have been siphoned off to overseas shell entities based out of Hong Kong SAR, China and Dubai,” it said.
As per the agency, more than 400 bank accounts of shell entities were found to be used for these purposes which are under examination along with trailing/utilization of funds collected from public by Fairplay. (ANI)
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