The Directorate of Enforcement (ED), Mumbai Zonal Office, conducted search operations at 12 locations in the city on February 13 as part of an ongoing money laundering investigation into a bank fraud case involving Rialto Exim Pvt Ltd, Pushpak Bullion Pvt Ltd, businessman Chandrakant Patel, and others. The searches, carried out under the Prevention of Money Laundering Act (PMLA), 2002, led to the seizure and freezing of various assets, including bank funds and incriminating documents.

The investigation stems from an FIR registered by the Central Bureau of Investigation (CBI), Mumbai, against Rialto Exim Pvt Ltd and others under multiple sections of the Indian Penal Code (IPC), 1860, and the Prevention of Corruption Act, 1988. The accused are alleged to have defrauded Central Bank of India and Bank of India, causing a wrongful loss of Rs. 142.72 crore.

According to ED findings, Rialto Exim Pvt Ltd is linked to the Pushpak Group and was engaged in circular transactions with other group entities without any real business activity. The scale of financial manipulation uncovered exceeds ₹500 crore. The probe has also revealed dealings with Dubai-based dummy entities and the purchase of a mine in the United States by a foreign entity of the Pushpak Group. Additionally, investigators have found cash deposits exceeding ₹84 crore in companies associated with the Pushpak Group during the demonetization period. The ED has stated that further investigations are ongoing.

Enforcement Directorate Ed Money Laundering Central Bureau Of Investigation CBI Prevention Of Money Laundering Act PMLA Rialto Exim Pvt Ltd Pushpak Bullion Pvt Ltd Chandrakant Patel