New Delhi, Nov 14 || The Directorate of Enforcement (ED) has seized and frozen movable assets worth approximately Rs 59 crore after conducting extensive search operations across 14 locations in Mumbai as part of its money laundering probe against Rajendra Narpatmal Lodha and his associates, the ED said on Friday.
The action on Wednesday was carried out under the Prevention of Money Laundering Act (PMLA), 2002.
According to the agency, the searches resulted in the recovery of large quantities of cash, bank balances, fixed deposits, and several incriminating documents.
Digital devices and details of immovable assets allegedly linked to the fraud, running into several crores of rupees, were also confiscated.
The money laundering investigation was launched on the basis of FIRs filed by the Mumbai Police against Lodha and others under various sections of the Bharatiya Nyaya Sanhita (BNS), 2023.