The Enforcement Directorate on Thursday conducted searches in Kerala against the promoters and key functionaries of the Nedumparambil Credit Syndicate Group as part of an alleged investment fraud linked money laundering probe, officials said.
The federal probe agency has booked a case under the Prevention of Money Laundering Act (PMLA) taking cognisance of a clutch of FIRs filed by the state police on charges of fraud with depositors by collecting funds on the promise of high returns.
Preliminary investigation shows that several depositors across Kerala were induced to invest substantial amounts, which were neither repaid nor yielded the promised returns, according to ED officials.
Bank account analysis of group entities indicates financial transactions, diversion of funds to multiple related entities, and significant cash withdrawals, they alleged.
These funds are also suspected to have been invested in immovable properties in the state, the officials said
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