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Essel Group companies raided under India's AML in Religare loan fraud case

( January 26, 2024, 22:15 GMT | Official Statement) -- MLex Summary: Essel Group companies were raided by India's financial crime-fighting watchdog under the provisions of the 2002 Prevention of Money Laundering Act in connection with the ongoing money laundering investigation linked to allegations that more than 20 billion rupees ($250 million) were diverted from Religare Finvest. The Directorate of Enforcement searched premises belonging to Konti Infrapower & Multiventures, Edison Infrapower & Multiventures, Asian Satellite Broadcast, Widescreen Holdings, Jayneer Capital and Sprit Infrapower & Multiventures, according to a statement issued by the watchdog. The investigation is still in progress, the ED said. Statement from the Directorate of Enforcement follows:...

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