The Enforcement Directorate’s Mumbai Zonal Office has provisionally attached assets totaling around Rs 35.22 crore under the Prevention of Money Laundering Act. These assets, including bank balances and properties, are linked to a case involving M/s Suumaya Group and others. The investigation began following an FIR against various individuals and entities, alleging embezzlement of Rs 137 crore through a deceptive investment scheme.
The ED disclosed that the Suumaya Group and its associates allegedly created a fake government contract to raise funds illicitly. By fabricating business operations and engaging in circular transactions, the group artificially inflated its turnover to deceive investors. The agency’s findings suggest that diverted funds were funneled through shell entities back to the promoter, leading to a misleading surge in reported turnover.
During search operations in Mumbai, Delhi, and Gurugram, movable assets worth Rs 3.9 crore were seized, along with incriminating financial records. The ED also arrested a key figure in the case under the PMLA.
