Rs 875 crore investment fraud, many big businessmen lost money, reveals ED probe

Biggest Froud

Nagpur: Following the arrest of Pankaj Nandlal Mehadia (45) by the Economic Offences Wing (EOW) of Nagpur police in the Rs 8.16 crore investment fraud last November, the Enforcement Directorate (ED) has started a probe on the money laundering angle, according to a report in a local Dainik Bhaskar ( DB ) daily.

The report said that the ED has found dealing of Rs 875 crore in the accounts of five companies of Pankaj Mehadia and his associates. More than 450 entries of names have been found registered in the dubious companies. Most of the entries were made to turn black money into white money. The FIR in this matter was registered only after the ED probe confirmed the dubious dealings. Some of the entries are of some big names having entries of Rs 40-50 crore. When confronted, some of the names kept quiet, some could not give proper replies, and some candidly admitted dealing with the concerned companies and losing money. Though the list of names is a long one, some came forward to throw light on their dealings.