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ED raids German company's subsidiary in case of fraud involving Rs 130 cr

Business Standard LogoBusiness Standard6h ago

ED raids German company's subsidiary in case of fraud involving Rs 130 cr - Business Standard

Quick Summary:

The Enforcement Directorate on Saturday said it has frozen bank deposits, mutual funds and other financial investments worth more than Rs 9 crore as part of a money laundering probe against some former employees of a Pune-based subsidiary of a German firm who allegedly diverted company funds to the tune of crores of rupees.

The money laundering case stems from a Pune Police (Chakan police station) FIR based on a complaint made by the MD of HUF India Pvt Ltd., a subsidiary of German-based company HUF Halswerk & Furst GMBH & Co.

Searches were undertaken at six locations in Pune, Maharashtra and Delhi-NCR on September 4, the central agency said in a statement.


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Article Details

Category: BusinessFinance

Markets:

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Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-07 @ 19:37:48 (6 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 394 words

Reading Time: 3 minutes read

Sentences: 13 lines

Sentence Length: 31 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Standard

News ID: 22398121

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Main Topics: BusinessFinance

Official Website: business-standard.com

Update Frequency: 134 posts per day

Year Established: 1975

Headquarters: India

News Last Updated: 2 hours ago

Coverage Areas: India

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Publication Timezone: GMT +5:00

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Publisher ID: #49

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