ED freezes Rs 95 cr worth bank deposits after raids on WB-based group

12:56 PM Jul 15, 2022 | PTI |

The Enforcement Directorate on Friday said it has frozen bank deposits with about Rs 95 crore after it raided multiple premises of the West Bengal-based Rashmi group of companies as part of a money laundering investigation.


The ED is probing the company and its promoters in a case related to the loss of Rs 73.40 crore to the public exchequer by ”deliberate mis-declaring the facts and mis-utilizing the dual freight policy of the Indian Railways to avail wrongful benefits of the lower tariff of freight for transportation of iron ore”, the agency said in a statement.

The searches were carried out on July 13 at 3 places in West Bengal, it said. The money laundering case stems from a CBI FIR against the Rashmi group of companies. These include Rashmi Cement Ltd and Rashmi Metalik Ltd. ”As a result of the search operation, Rs 64.97 crore lying in the bank account of the companies has been frozen,” the ED said.


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