ED conducts search operation against Rashmi Group under PMLA

Newsroom24x7 Network

Directorate of Enforcement (ED) has carried out a search operation under the
provisions of Prevention of Money Laundering Act (PMLA), 2002 at 3 places
in West Bengal, in the case of “Rashmi Group of Companies”.

The search by ED carried out on Wednesday 13 July 2022 is related to loss of Rs. 73.40
Crore to Public Exchequer by deliberate misdeclaring the facts and misutilizing the dual
freight policy of the Indian Railways to avail the wrongful benefits of lower tariff of freight
for transportation of iron ore.

ED initiated money laundering investigation on the basis of FIR registered by the
ACB, CBI, Kolkata under various sections of IPC and section 13(2) read with section
13(1)(d) of PC Act, 1988 against M/s Rashmi Cement Ltd & Rashmi Metalik Ltd and

As a result of the search operation, Rs 64.97 Crore lying in the bank account of the
companies has been frozen and Cash amount found at the premises amounting to Rs 1.01
Crore has been seized from the searched premises. Earlier, one Provisional Attachment
order amounting to Rs 9 Crore was issued, which was confirmed by the Adjudicating
Authority (PMLA).

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