Team Goemkarponn
PANAJI: Enforcement Directorate (ED) has carried out search operations in Goa as part of a major crackdown on alleged money laundering linked to Chennai-based Arvind Remedies Ltd. The raids, conducted simultaneously at multiple locations including Chennai, Kancheepuram, Goa, Kolkata, and Mumbai between September 2 and 3, were in connection with a ₹637-crore bank fraud case.
According to the ED, the action was taken under the Prevention of Money Laundering Act (PMLA), following a complaint by Punjab National Bank (PNB). The case pertains to loans extended by a consortium of banks led by PNB, which later turned non-performing assets (NPAs). Arvind Remedies and its promoter, Arvind B Shah, are accused of siphoning off funds through shell companies and dummy directors.
Investigators revealed that the funds were rotated among shell firms to artificially inflate turnover and secure more credit. A portion of the diverted funds was allegedly used to manipulate share prices and acquire personal assets. During the operations, several incriminating digital and documentary records were seized, while immovable assets and shares worth around ₹15 lakh were frozen.
The ED also found that dummy directors—many of whom were unaware of the fraudulent activities—had signed cheques and documents on behalf of the company under the directions of the promoters.
With Goa emerging as one of the key search locations, the ED suspects that part of the laundered funds and assets may have been routed or parked in the state. The agency is currently evaluating seized properties and financial records to trace the money trail.
“Further investigation is in progress,” the ED said in its release.
