Chennai: The Enforcement Directorate (ED) has conducted coordinated search operations at multiple locations in Mumbai and Chennai in connection with an alleged investor fraud involving M/s Atum Capital Pvt Ltd and its associated entities.
The searches were carried out on February 27 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, as part of an ongoing investigation into suspected financial irregularities and diversion of investor funds, the ED said in a statement on Thursday.
According to officials, the ED’s Headquarters Investigation Unit (HIU) led the operation and conducted raids at eight premises linked to key individuals and entities connected with the case.
The agency suspects that the accused lured investors with promises of high returns and subsequently misappropriated the funds through questionable financial transactions.
During the searches, investigators seized several incriminating documents, digital devices and financial records believed to contain crucial evidence related to the alleged fraud.
Officials said the materials recovered during the raids are expected to help establish the money trail and reveal how investor funds were diverted.
The ED has also obtained details of several properties allegedly acquired by the accused using suspected proceeds of crime.
Investigators are examining ownership documents and financial records to determine whether these assets were purchased using money collected from investors.
As part of the enforcement action, the agency has frozen several bank accounts and Demat accounts belonging to key individuals and entities involved in the case.
Officials said the move was aimed at preventing further diversion or withdrawal of funds during the course of the investigation.
The searches also led to the seizure of financial documents and electronic records that pointed to a wider network of individuals and companies linked to the alleged fraud.
Officials added that the investigation is now focused on identifying all beneficiaries, tracing the complete money trail and assessing the total financial losses suffered by investors.
Further action, including possible attachment of properties and questioning of the accused, is expected as the probe progresses.
(IANS)
