ED Conducts Search at Eight Premises of OCPL in Mumbai Over Bank Fraud
The ED conducted searches at eight premises of OCPL in Mumbai under the provisions of the Prevention of Money Laundering Act (PMLA) 2002.
Mumbai: The Enforcement Directorate (ED) has intensified its investigation into an alleged bank fraud involving One World Creations Private Limited (OCPL).
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The ED conducted searches at eight premises of OCPL in Mumbai under the provisions of the Prevention of Money Laundering Act (PMLA) 2002.
ED Seizes Incriminating Evidence of Money Laundering
During the search operations, the ED recovered several incriminating documents linking OCPL to embezzled funds, which were used to acquire immovable properties. The agency revealed that the firm had created a complex web of dummy companies, partnerships, and fictitious entities to conceal the source of the illicit funds.
CBI Registers FIR Against OCPL and Directors
The central agency initiated the probe after an FIR was registered by the CBI, accusing OCPL and its directors, including Urvil Jani, of defrauding banks of Rs 93 crore. UCO Bank filed a complaint stating that OCPL had inflated turnovers through shell entities, engaging in circular trading to divert loan funds for personal gain.
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Circular Trading and Funds Layering
The investigation uncovered that OCPL’s promoters had used circular transactions between shell companies to layer funds. These funds were then utilized to purchase immovable properties, hiding the illicit nature of the money.
ED Attaches Properties Worth Rs 1.69 Crore
In another development, the ED attached multiple immovable properties worth Rs 1.69 crore in Jalgaon and Nashik districts of Maharashtra, as part of its crackdown on bank fraud.
The investigation into OCPL’s financial activities continues, with the ED working to further trace and dismantle the web of fraudulent transactions linked to the firm.
