ED Conducts Raids at Eight Locations of OCPL in Mumbai for Bank Fraud
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Synopsis
The Enforcement Directorate conducted extensive raids on multiple locations linked to One World Creations Private Limited in Mumbai, investigating allegations of bank fraud under the Prevention of Money Laundering Act. The operation involved seizing incriminating documents related to the misuse of funds for acquiring immovable properties.
Key Takeaways
- ED conducted raids on OCPL's eight premises.
- Allegations involve bank fraud and money laundering.
- Incriminating documents seized during the operation.
- UCO Bank accused OCPL of defrauding banks.
- Central agency linked fraudulent activities to shell companies.
Mumbai, Feb 15 (NationPress) The Enforcement Directorate (ED) zonal office in the city executed search operations at several sites associated with One World Creations Private Limited (OCPL) due to suspected bank fraud, in accordance with the Prevention of Money Laundering Act (PMAL) 2002.
The central agency targeted the company’s eight locations in the city to investigate money laundering activities and confiscated numerous incriminating documents that reveal how the firm misappropriated funds to buy immovable properties.
“The raid uncovered a variety of incriminating evidence linked to the acquisition of real estate with funds derived from Proceeds of Crime (POC), utilizing a complex network of dummy companies, partnerships, sole proprietorships in the names of accused parties, and fictitious entities,” stated the agency.
The investigation was initiated following an FIR filed by the CBI against M/s One World Creations Private Limited, Urvil Jani, and others.
The complaint was submitted by UCO Bank, which alleged that the firm and its executives defrauded the bank consortium of approximately Rs 93 crore.
“M/s OCPL and its Directors orchestrated a criminal conspiracy to deceive the banks by inflating turnovers in shell firms through circular trading, resulting in illegal gains by misusing loan funds,” the agency reported.
The ED noted that the investigation revealed that the promoters of M/s OCPL engaged in extensive circular transactions among shell companies to layer funds, which were subsequently used to acquire real estate.
In a parallel operation targeting bank fraud, the central agency also seized several immovable assets worth Rs 1.69 crore in the Jalgaon and Nashik regions of Maharashtra on Saturday.
