Bhubaneswar: The Enforcement Directorate’s Kolkata zonal office has concluded searches in Odisha and Hyderabad linked to a money-laundering investigation and seized assets worth over Rs 6.35 crore.
The raids targeted premises linked to the promoters and associated entities of Odisha-based ARSS Group and Hyderabad-based AMR/AMRL Group as part of an ongoing money laundering probe into loan defaults involving Kolkata-based SREI Group.
According to an official statement issued on Friday, the confiscated assets comprise Rs 1.50 crore in bank balances, Rs 2.90 crore in demat and securities holdings, and Rs 1.95 crore in cash and jewellery. Additionally, investigative teams recovered digital devices, account books, property documents, and other material evidence to trace the financial transactions and asset positions of the entities and individuals involved.
The probe centers on alleged fraudulent and irregular credit facilities obtained from SREI Infrastructure Finance Limited (SIFL) and SREI Equipment Finance Limited (SEFL). Authorities are currently examining suspected financial malpractice, including fund diversion, loan evergreening, and round-tripping. Substantial credit facilities extended to entities including AMRL Hitech City Limited and ARSS Infrastructure Projects Limited lapsed into default, leaving a combined outstanding amount of Rs 1,111 crore.
Earlier reports indicated that the multi-city operations on September 11 also covered premises in Kolkata, Chennai and Bengaluru. Locations linked to erstwhile ARSS promoters and directors Anil Agarwal, Rajesh Agarwal, Sunil Agarwal and Subhash Agarwal were searched, along with sites associated with AMR promoter Mahesh Kumar Reddy Althuru.
In Hyderabad, officials visited premises in Kamalapuri Colony housing the registered office of AMR India. Separate proceedings include a claim of approximately Rs 919 crore by SREI Equipment Finance against ARSS Infrastructure Projects, which had originally received Rs 222 crore in 2015 secured against plant, machinery and other movable assets.