AMR Group ED Raids: ₹6.35 Crore Assets Frozen
The Enforcement Directorate (ED) on Friday officially issued a statement regarding the raids conducted on AMR Group entities. Several key details were revealed in the statement. The ED said that it had obtained crucial information during the raids. It remains to be seen whether these details will come out in the coming days. The ED raids on AMR entities have caused ripples across the southern states. The main reason for this is the close relations the head of the organisation has with political leaders in several states. The AMR Group is currently undertaking contract works for the collection of seigniorage in several districts of Andhra Pradesh. Recently, along with another company, it also secured a pumped storage project with an estimated cost of more than ₹8,000 crore. The details contained in the statement released by the ED on Friday are as follows:
The Kolkata Zonal Office of the Directorate of Enforcement (ED), as part of its ongoing money laundering investigation into the loan default of the Kolkata-based SREI Group, conducted searches on September 11 under Section 17 of the PMLA, 2002, at various premises linked to the promoters and associated entities of the Odisha-based ARSS Group and the Hyderabad-based AMR/AMRL Group. During these searches, assets and valuables worth a total of ₹6.35 crore were seized and frozen. These included bank balances of approximately ₹1.50 crore, Demat/securities holdings worth approximately ₹2.90 crore, and cash and jewellery valued at approximately ₹1.95 crore. The investigation relates to the fraudulent/irregular loans availed by the above two groups and various other entities from SREI Infrastructure Finance Limited and SREI Equipment Finance Limited.
The investigation is being conducted as the loans were taken and subsequently not repaid. It also involves suspected evergreening, diversion/round-tripping of funds and other irregularities. AMRL Hitech City Limited, AMRL Group, ARSS Infrastructure Projects and other entities had availed substantial loan facilities from SREI. However, these loans subsequently remained unpaid and went into default. A total of ₹1,111 crore remains outstanding in respect of the above groups searched under the PMLA. During the searches, various digital devices, books of accounts, immovable/movable properties and other relevant records/documents were also seized for detailed examination. The ED stated that the searches had yielded crucial information relating to the financial transactions and asset position of the concerned entities and individuals.
