The Enforcement Directorate on Saturday said it has frozen bank deposits, mutual funds and other financial investments worth more than Rs 9 crore as part of a money laundering probe against some former employees of a Pune-based subsidiary of a German firm who allegedly diverted company funds to the tune of crores of rupees.
Searches were undertaken at six locations in Pune, Maharashtra and Delhi-NCR on September 4, the central agency said in a statement.
The premises of the former employees and some vendors who worked "hand in gloves" with them were raided, according to the ED.
The money laundering case stems from a Pune Police (Chakan police station) FIR based on a complaint made by the MD of HUF India Pvt Ltd., a subsidiary of German-based company HUF Halswerk & Furst GMBH & Co. KG, that is engaged in the production of electronic remote-control systems for four-wheeled vehicles.
The company had an annual turnover ranging from Rs 100 crore to Rs 300 crore.
It was alleged in ..
