Enforcement Directorate seizes 82 lakh rupees and luxury cars in Tamil Nadu bank fraud case

The Enforcement Directorate (ED) has seized 82 lakh rupees in cash, luxury vehicles, and documents related to benami properties during searches connected to a bank fraud case involving M/s PGC Corporation Limited.

On September 18, the agency conducted searches at six locations across Chennai and Tiruppur under the provisions of the Prevention of Money Laundering Act (PMLA). Investigators recovered digital devices and property records, which are being examined to trace the flow of funds and determine if proceeds from the alleged bank fraud were invested in vehicles, real estate, or assets held in the names of other individuals.

The ED has not disclosed the specific number or value of the vehicles seized, the identities of the individuals whose premises were searched, or the total amount of loss allegedly incurred by the bank. The investigation into the PGC Corporation matter remains ongoing.