MUMBAI — The ED on Friday raided six locations in Mumbai and adjoining areas and registered a money-laundering case to probe alleged fraud in the Punjab and Maharashtra Cooperative (PMC) Bank case, officials said.
They said the raids were being conducted after a criminal complaint was filed under the Prevention of Money Laundering Act by the central agency.
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The Enforcement Directorate case is based on an FIR filed by the Economic Offences Wing (EOW) of Mumbai police.
The raids are aimed at gathering additional evidence, ED sources said.
The ED and Mumbai Police case is against former bank management and promoters of the Housing Development Infrastructure Limited (HDIL).
Based on a complaint by an RBI-appointed administrator, the police complaint was filed earlier this week on charges of forgery, cheating and criminal conspiracy against the officials.
According to the initial investigation, police said, the bank’s losses since 2008 were Rs 4,355.46 crore.
The bank’s former chairman Waryam Singh, managing director Joy Thomas and other senior officials, along with a director of HDIL, have been named in the FIR.