The Enforcement Directorate (ED) on Sunday conducted searches at the premises of two business firms in connection with its money laundering probe in the National Spot Exchange scam case.
The searches were carried out at the premises of Aastha Minmet India and Juggernaut Projects in Mumbai, Bangalore and few other places, sources said. Both the firms, according to sources, are major defaulters in the NSEL case owing investors over R250 crore.
Documents related to business operations have been seized and the searches will finish by Monday, they said. This is the second such action by the central agency in this case. Investigations by the agency, reports said, have revealed that funds received from NSEL were diverted by the firms for investments in real estate, plant expansion and high-end vehicles.