The Enforcement Directorate has seized and frozen assets worth more than ₹6.35 crore in an ongoing Odisha money laundering probe involving entities linked to the ARSS and AMR/AMRL groups. According to the agency, the action followed searches in Odisha and Hyderabad and covered bank balances, demat and securities holdings, cash and jewellery. The investigation concerns alleged irregular and fraudulent credit facilities obtained from SREI Infrastructure Finance and SREI Equipment Finance. The ED said outstanding amounts linked to the group total around ₹1,111 crore.
ED Seizes Assets Worth Rs 6.35 Crore in Odisha Money Laundering Probe Linked to ARSS and AMRL Groups
The Enforcement Directorate (ED) has attached and frozen assets worth over Rs 6.35 crore after searches in Odisha and Hyderabad in an alleged money laundering case against the ARSS Group and AMR/AMRL Group.
The Enforcement Directorate’s (ED) money laundering probe has led to the seizure and freezing of assets worth more than Rs 6.35 crore at premises linked to the promoters and related entities of the ARSS Group and the AMR/AMRL Group.
The action was initiated by the Kolkata Zonal Office of the Enforcement Directorate after the searches were over in Odisha and Hyderabad. An official statement issued Friday said investigators took financial records and assets related to the ongoing case.
The assets seized and frozen include Rs 1.50 crore bank balances, Rs 2.90 crore worth of demat and securities holdings, and Rs 1.95 crore cash and jewellery, the authorities said.
The case is part of a broader probe into alleged fraudulent and irregular loans taken by companies linked to the ARSS Group and the AMR/AMRL Group from SREI Infrastructure Finance Limited (SIFL) and SREI Equipment Finance Limited (SEFL).
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Alleged Loan Defaults Under ED Investigation
The Enforcement Directorate said AMRL Hitech City Limited and entities of the AMRL Group and ARSS Infrastructure Projects Limited of the ARSS Group had raised substantial credit facilities which subsequently remained unpaid and became in default.
The agency said it is probing whether the proceeds of these transactions were diverted or processed in contravention of provisions of the Prevention of Money Laundering Act (PMLA).
The total outstanding against the two business groups now was around Rs 1,111 crore, officials said. The searches were carried out under the powers given to the Enforcement Directorate under the Prevention of Money Laundering Act.
The central agency has reiterated that the probe is still on and financial transactions of several entities are being looked into to find out the flow and use of funds.
As part of the operation, investigators also seized several digital devices, books of accounts, financial records and documents relevant to the case. These materials will be carefully studied as the probe advances.
Documents and Digital Evidence Recovered During Searches
Searches led to recovery of material related to financial transactions, ownership structures and asset positions of the entities and individuals connected to the probe, the Enforcement Directorate said.
Officials said recovered documents included records of movable and immovable properties. The agency would probably look into these records to see if any other assets could be tied to the alleged money laundering activities.
“The recovered evidence will help the investigators in tracing the financial flows and establishing the nature of transactions undertaken by the entities under investigation,” the Enforcement Directorate said in a statement.
The case underscores the ongoing emphasis on defaults in loans by large financial institutions and corporate borrowers. Investigators are increasingly looking into whether large unpaid loans are linked to suspected laundering of proceeds or diversion of funds.
According to a report by Sprouts News, financial crime agencies in India have intensified investigations into cases of financial crimes involving corporate entities, especially where there are huge outstanding liabilities and allegations of irregular borrowing practices.
The latest seizures are significant developments in the ongoing probe by the Enforcement Directorate. Authorities are expected to examine the seized records, assets, and digital evidence more closely before moving further under the Prevention of Money Laundering Act.
