Mumbai: ED Raids Eight Locations In ₹93 Crore Bank Fraud Case Against OCPL
According to the ED, the promoters of OCPL engaged in voluminous circular transactions among shell entities to layer funds, which were then used to purchase immovable assets.
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The Enforcement Directorate (ED) conducted multiple search operations at eight locations in Mumbai in connection with a money laundering case against M/s One World Creations Private Limited (OCPL) for allegedly defrauding a consortium of banks to the tune of ₹93 crore.
“The search operation led to the seizure of various incriminating pieces of evidence related to the purchase of immovable properties acquired using proceeds of crime (POC) through a complex web of dummy companies, partnership firms, sole proprietorships in the names of accused individuals, as well as fictitious entities,” the agency said in a statement.
According to the ED, the promoters of OCPL engaged in voluminous circular transactions among shell entities to layer funds, which were then used to purchase immovable assets.
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The ED's investigation was initiated based on an FIR registered by the CBI against OCPL and its promoter, Urvil Jani, following a complaint filed by UCO Bank. The complaint alleged that OCPL hatched a criminal conspiracy to defraud the consortium of banks by inflating turnovers through shell entities, engaging in circular trading, and diverting loan funds.
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