ED Raids OCPL Offices in Mumbai Over Rs.93 Crore Bank Fraud Case Complaint filed by UCO Bank
The Enforcement Directorate (ED) has conducted search operations at eight locations linked to One World Creations Private Limited (OCPL) in Mumbai. The searches were carried out under the Prevention of Money Laundering Act (PMLA), 2002, as part of an investigation into an alleged bank fraud case.
Seizure of Documents and Financial Irregularities
During the raids, ED officials seized various documents that reportedly show how OCPL used embezzled funds to acquire immovable properties. According to the agency, the company used a network of dummy firms, partnership firms, and shell companies to hide the money trail. Some of these entities were registered under the names of the accused individuals, while others were fictitious.
CBI FIR and Bank’s Complaint
The ED’s probe is based on a First Information Report (FIR) registered by the Central Bureau of Investigation (CBI) against OCPL, its director Urvil Jani, and others. The case originated from a complaint by UCO Bank, which accused the company and its directors of defrauding a consortium of banks of ₹93 crore.
According to the ED, OCPL and its directors created fake turnovers using shell companies and engaged in circular trading. This allowed them to inflate revenues and divert bank loan funds for their personal gain.
Use of Shell Companies for Money Laundering
The investigation revealed that OCPL’s promoters conducted a large number of circular transactions among various shell entities. This process, known as layering, was used to disguise the origin of the funds, which were eventually invested in real estate.
Attachment of Properties Worth ₹1.69 Crore
As part of its crackdown on financial fraud, the ED has also attached multiple immovable properties worth ₹1.69 crore in Maharashtra’s Jalgaon and Nashik districts. The investigation into OCPL’s financial dealings is ongoing, and more action is expected in the case.
