New Delhi [India]: The Enforcement Directorate conducted searches at the residence and offices of chairman and the managing director of Deccan Chronicle Holding Limited and recovered five lakh in the demonetised currency in connection with a bank loan fraud case.
The law enforcement agency, in a statement, stated that it conducted searches on August 22 under Prevention of Money Laundering Act (PMLA) at two locations, in Hyderabad and Delhi, to gather evidence of money laundering and to trace the proceeds of crime.
The agency also recovered incriminating documents relating to immovable properties, digital evidence and two luxury cars.
The digital evidence is being analysed further to trace the diversion of loan funds, it stated.
"ED had, in 2017, attached 19 immovable and movable assets worth Rs 263 crore. The total outstanding amount due to all the banks is pegged at more than Rs 8000 crore," the statement read.
The agency claimed that the accused defrauded the banks, fabricated advertising revenues and diverted the funds for their personal enrichment.
The ED's case is based on multiple charge sheets filed by the Central Bureau of Investigation against the company and its owner promoters.