New Delhi, Dec 19 The Enforcement Directorate (ED) said on Monday that it carried out searches at several locations in Delhi, Haryana, Chhattisgarh and Maharashtra in connection with a money laundering case involving SVOGL Oil and Gas Energy Ltd, and Max Tech Oil and Gas Services Pvt Ltd, and found evidence relating to sham transactions, transactions with shell entities and investments in shares and immovable properties to the tune of Rs 90 crore. It also seized cash to the tune of Rs 78 lakh during the operations.
The ED carried out the searches on December 15 at various locations in Delhi-NCR, Haryana, Chhattisgarh and Maharashtra as part of its investigation under the Prevention of Money Laundering Act (PMLA) against SVOGL Oil Gas and Energy Ltd, Max Tech Oil and Gas Services Pvt Ltd, and other connected persons or entities.
The ED case is based on two FIRs registered by the Central Bureau of Investigation (CBI) against SVOGL, Max Tech, Prem Singhee, Padam Singhee and others.
As per the said FIRs, Prem Singhee and Padam Singhee, along with others cheated banks to the tune of Rs 252 crore, availed from Punjab National Bank in the name of SVOGL, and Rs 65 crore availed from the Bank of India in the name of Max Tech Oil and Gas Services.
The ED said that its probe found that money was transferred to various shell or dummy companies in the guise of expenses and the same was siphoned off by the promoters.
The accused persons also made investments which were unconnected with the purposes of bank loans, it said.
"During the search operations, evidence relating to sham transactions, transactions with shell entities and investments in shares and immovable properties to the extent of Rs 90 crore have been found," the agency said.
"During the search operations, valuables worth Rs 78 lakh and various incriminating documents or digital records were also recovered and seized," it added.
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