ED Finds Rs 41 Lakh in Raids on Prime Pulses Limited in Kolkata and Jaipur

The Enforcement Directorate (ED) has recovered cash amounting to Rs 41 lakh and seized other incriminating documents during a search operation conducted at 11 different locations across Kolkata and Jaipur. These raids were carried out under the Prevention of Money Laundering Act (PMLA), 2002, against Prime Pulses Limited and others in connection with a case of bank fraud.

Details of the Raids

ED’s Kolkata Zonal Office conducted these raids on June 29, based on First Information Reports (FIRs) registered by the Central Bureau of Investigation (CBI) against Prime Pulses Limited and others. The search operation led to the discovery of crucial documents, including numerous property documents and digital records. A large number of digital devices and several incriminating documents were also seized.

Investigation Findings

The ED has filed a total of 10 charge sheets and one supplementary charge sheet in this case, which has caused a total loss of Rs 447.44 crore to various banks and financial institutions. The investigation revealed that the Directors of Prime Pulses Limited and others created fictitious entities in the names of employees and related persons to layer funds through these entities’ bank accounts.

Additionally, a two-story commercial mortgaged property, sold by the respective bank under the SARFAESI Act, 2002, was purchased by the accused using the proceeds of crime. The value of this property is estimated to be Rs 20 crore. Suspicious third-party transactions were made to divert funds to the accounts of promoters, directors, and their family members, and bogus purchases were booked against payments made to different entities providing accommodation entries.