Mumbai, Dec 17: The Enforcement Directorate recovered Rs 69 crore during raids conducted on six Mumbai-based companies on Saturday. The monies were being transferred into the accounts of four bullion traders.
According to sleuths, the enterprise, which came up right after the Centre's demonetisation move, was intended at money laundering with the traders buying voluminous amounts of gold and silver. The ED had been keeping a close watch on these money transfers.
The ED froze the traders' bank accounts, which have an estimated Rs 120 crore in store. Earlier in the day, the ED filed a case under the Prevention of Money Laundering Act against unknown persons for forging accounts in the Noida Sector 51 branch of Axis Bank.
The ED has already arrested two Axis Bank managers in connection with the case. Twenty bank accounts of fake companies had been found and deposits of Rs 60 crores had been made to them. A team from Lucknow has reached the Bank where bank officials and bullion traders are being questioned by the ED as the 80 to 100 crores of money that had been deposited in 40 bank accounts had been sent to bullion traders only.