Rs 117 cr fraud: Couple under ED scanner
ED sleuths conducted search operations under the provisions of the PMLA on December 28 at 8 locations connected to Ravi Raman, promoter of the RR Group
Directorate of Enforcement (Photo: ANI)
CHENNAI: A wife and husband duo are under the scrutiny of Enforcement Directorate in connection with alleged swindling of funds to the tune of Rs 117 crore by the latter.
ED sleuths conducted search operations under the provisions of the Prevention of Money Laundering Act (PMLA) on December 28 at 8 locations connected to Ravi Raman, promoter of the RR Group, Chennai, and also the Honorary Consul to Mauritius, said a press note from the agency.
During the search, around Rs 74 lakh unaccounted cash, a number of property deeds, documents worth over Rs 850 crore, electronic devices and other documents of incriminating nature were seized.
The ED initiated investigation on the basis of FIR registered by CCB-I Chennai against Raman and his wife Shobana alleging cheating, forgery and criminal conspiracy under various sections of IPC, for allegedly swindling the foreign funds and/or investments amounting to Rs 117 crore received from the Old Lane Group.
Investigations revealed that Raman had swindled funds amounting to Rs 117 crore received from a foreign investor, Old Lane India Opportunities, in the form of FDI for the development of a tech park in Ambattur.
Certain properties of group companies were kept as collateral/security in lieu of the funds received from the foreign investor and an irrevocable GPA (general power of attorney) was signed in favour of the foreign investor. Moreover, Raman had also filed a fake FIR on the basis of the pledged property documents being lost and subsequently sold them by illegally cancelling the GPA, ED said.
Investigation also revealed that Raman had siphoned off some of the funds during the crime period through his Singapore-based entity RR Industries Singapore (P) Ltd, which was further invested in the Indonesian coal mines along with the Novem Coal Resources, which is owned by his cousin.
Additionally, the ED has uncovered that the RR Group had received other foreign investments from foreign entities, which are also are being investigated.