New Delhi, Oct 31 (UNI) Enforcement Directorate (ED) on Saturday said that it has raided six residential and office premises of an Ahmedabad based Consultancy firms True Value Group and Vipul & Manish Associates in connection with bank fraud case of Ardor Group of Companies on October 29 and seizes Rs 5.99 crore, some foreign currencies and various incriminating documents.
ED initiated investigation under PMLA on the basis of FIRs registered by Gandhinagar anti- corruption branch of CBI under sections 120 B read with 420 of IPC and 13 (2) read with 13(1) (d) of PC Act, 1988 wherein it has been alleged that Ardor Group of Companies and its Directors, in connivance with unknown Bank officials, had cheated and caused wrongful loss to the consortium of Banks amounting around Rs 488 crores.

“Investigation conducted so far under PMLA resulted into identification of assets totalling to Rs. 204.27 crore. These assets being the part of proceeds of crime have been provisionally attached under PMLA”, ED officials said.
Vipul & Manish Associates and True Value Management Consultant Pvt Ltd floated numerous dummy companies and made their relative and associate persons directors of these companies to do circular trading with purpose to inflate books of accounts of Ardor Group Companies to facilitate them to obtain huge funds from consortium of banks which later become NPA, the agency further said.

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