Ahmedabad, Nov 3 (NationPress) The Enforcement Directorate (ED) has provisionally seized Rs 35.80 crore found in 300 bank accounts that were fraudulently created by a group involved in betting, gambling, and various other unlawful activities, according to an official statement issued on Monday.

The Ahmedabad Zonal Office of the ED took this action based on a Provisional Attachment Order (PAO) issued on October 29 against Jitender Tejabhai Hiragar and others.

The probe was initiated from 448 primary bank accounts that were opened using forged documents belonging to unsuspecting individuals. Following the money trail, the ED scrutinized over 995 bank accounts in the first layer, which reflected transactions exceeding Rs 1,000 crore.

The federal agency has successfully traced and attached the funds in these accounts, which were utilized for illegal gambling and betting activities, accumulating to Rs 35.80 crore across more than 300 bank accounts.

According to investigators, these 448 accounts were established using fraudulent means to funnel money from betting and other illicit operations, later transferring the funds to first-layer accounts.

In a separate incident, the ED conducted widespread searches in Odisha, Delhi, Uttarakhand, and Punjab, uncovering incriminating documents linked to a Rs 73 crore bank loan fraud involving a private entity, as reported on Monday.

During the ED’s operations, various incriminating documents and records concerning properties valued at several crores were seized in relation to S R Alcobev Pvt Ltd and others.

The searches on October 29 were executed under the Prevention of Money Laundering Act, 2002.

S R Alcobev Pvt Ltd and its associates allegedly deceived Punjab National Bank and Indian Bank (formerly Allahabad Bank) by securing a Rs 73 crore bank loan and misusing the funds for unauthorized purposes in other companies.

The ED’s investigation was sparked by an FIR lodged by the Central Bureau of Investigation (CBI), invoking scheduled offenses under the PMLA, 2002.

During the searches, the ED confiscated incriminating materials revealing a systematic diversion of loan funds from S R Alcobev Pvt Ltd to Brewforce Technologies and other affiliated companies and associates.

Moreover, numerous documents pertaining to properties valued at several crores were recovered, demonstrating asset acquisition through misappropriated funds.

The ED’s findings indicated that S R Alcobev Pvt Ltd had obtained credit facilities totaling Rs 73 crore from banks, but its officials exploited these facilities to acquire illegal assets and support the business operations of other affiliates.