ED probes ₹637cr fraud case linked to Arvind Remedies
The Enforcement Directorate (ED) recently conducted raids at multiple spots linked to Arvind Remedies Ltd, following a massive ₹637 crore bank fraud case.
This all started after Punjab National Bank (PNB) accused the company and its promoter, Arvind B Shah, of cheating a group of banks—a move that led to a CBI FIR based on PNB's complaint and triggered the ED's action under anti-money laundering laws.
Funds were funneled through shell companies
Investigators found that funds were funneled through shell companies run by "dummy" directors who admitted they signed cheques without knowing what was going on.
To make things worse for the banks, 15 lakh shares were tucked away under family members' names—making recovery tough.
The ED has now frozen these shares while digging deeper into asset values and uncovering evidence of share price rigging.