Team Goemkarponn
PANAJI: The Enforcement Directorate (ED) on Tuesday carried out searches at several locations in Goa, Tamil Nadu, and West Bengal as part of its probe into an alleged ₹637 crore bank loan fraud and money laundering case involving Chennai-based pharmaceutical company Arvind Remedies.
Officials confirmed that certain premises in Goa were among those covered in the operation, which also extended to Chennai, Kanchipuram, and Kolkata. The searches are linked to investigations against company promoter Arvind B. Shah and others under the Prevention of Money Laundering Act (PMLA).
The case originates from an FIR filed in October 2016 by the Central Bureau of Investigation (CBI), accusing Arvind Remedies of cheating a consortium of banks led by Punjab National Bank (PNB). According to investigators, the company allegedly diverted loan funds and defaulted on repayments, causing a loss of over ₹637 crore to lenders.
ED sources said that they examined the company’s annual reports for 2009–10 to 2014–15, financial statements submitted to the Ministry of Corporate Affairs, and nearly 300 bank accounts linked to the accused. A detailed money trail was established, forming the basis of the ongoing searches.
The raids in Goa are part of efforts to trace assets and verify whether loan proceeds were parked or routed through entities operating in the state. Officials said further action will follow based on the material seized.
The high-profile case adds to a string of recent financial crime probes in Goa, where investigators are increasingly focusing on fund diversion and money laundering linked to companies with national operations.
