The Enforcement Directorate has searched covering the office and residential premises of five companies and their promoters in Mumbai, Chennai and Delhi under the Prevention of Money Laundering Act, 2002.
The companies include Securekloud Technologies Limited, Pro Fin Capital Services Limited, Quantum Global Securities Limited (QGSL), Unity Global Financial Services Pvt Limited, and Desert River Capital Pvt Ltd.
The investigation has revealed that the directors and beneficial owners of these share brokerage and financial services companies have transferred shares worth Rs.160 crore off-market and subsequently sold them to generate huge proceeds of crime, according to an ED statement released on Friday.
The searches conducted across 16 premises of these companies led to the seizure of Rs 1. 04 crore in cash, gold and diamond jewellery as well as identification of immovable properties of more than Rs 30 crore and other movable assets in various DEMAT accounts, Various incriminating documents and digital evidence was also seized in the raids.
The agency has initiated a money laundering investigation on the basis of an FIR filed on February 02, 2019, which was filed by Suresh Venkatachari, the promoter and CEO of Securekloud Technologies Limited.
“The investigation also revealed that the complaint lodged by the Promoter of STL was misleading as he and his CFO are involved in the larger conspiracy of cheating the public by way of inflating the books of the company, diverting funds of the company to unrelated business activities of companies with stakes of CFO and CEO of STL (Securekloud),” it added.
Further investigation is in progress, the agency said.