In accordance with the Prevention of Money Laundering Act of 2002, the Directorate of Enforcement (ED) has searched 16 locations in Chennai, Mumbai, and Delhi, including the offices and homes of a few businesses and their founders.
They are Quantum Global Securities Limited (QGSL), Unity Global Financial Services Pvt Limited, Desert River Capital Pvt Ltd, Securekloud Technologies Limited, and Pro Fin Capital Services Limited. In this case, searches were performed that resulted in the seizure of incriminating papers and digital evidence in addition to cash, gold, and diamond jewellery valued at Rs. 1.04 crore, immovable properties worth more than Rs. 30 crore, and other movable assets hidden in multiple DEMAT accounts.
Based on an FIR filed by Suresh Venkatachari, the promoter and CEO of Securekloud Technologies Limited, on February 2, 2019, the agency opened a money laundering investigation.
According to an inquiry conducted by the PMLA, the directors and beneficial owners of these share brokerage and financial services companies transferred shares worth Rs. 160 crore off-market before selling them to create significant criminal proceeds.
“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 inflating the books of the company and diverting funds of the company to the unrelated business activities of the companies having stakes in the CFO and CEO of STL (Securekloud),” it added.
Further investigation is in progress, the agency said.
