New Delhi: The Enforcement Directorate has arrested two persons, one of them an engineering graduate, as part of its recent operation against 500 shell companies suspected to be generating huge amounts of black money.
The agency identified the two as G D Reddy and K Liakath Ali. It said they have been arrested from Bengaluru and Chennai respectively under the provisions of the Prevention of Money Laundering Act (PMLA), as part of its follow-up action against shell companies. It has also frozen bank deposits worth Rs 20 crore in different accounts in the country as part of the operation. The ED had conducted nation-wide raids on April 1 in 16 states with sleuths swooping down at market places, business centres, residential premises and even houses put up on rent to hunt down allegedly dubious and suspicious firms which the agency believes are the “backbone” of black money in the country.
