New Delhi, Dec 10 (PTI) The Enforcement Directorate on Wednesday conducted searches at multiple locations in Maharashtra as part of a money laundering probe against a dairy and agro company accused of defrauding investors of more than Rs 100 crore, officials said.

Two premises in Baramati, one in Indapur (both in Pune district) apart from two in Pune city belonging to Anand Satish Lokhande, promoter of Vidyanand Dairy Pvt. Ltd. and Vidyanand Agro Feed Pvt. Ltd., and some professionals were raided under the provisions of the Prevention of Money Laundering Act (PMLA), they said.

It is alleged that Lokhande and his family members defrauded innocent investors through their companies by projecting the business of these entities as "highly profitable" ventures generating substantial revenues from dairy operations, cattle feed trading and milk procurement.

The complainants invested "substantial" amounts in various schemes floated by these companies and after obtaining these funds, the accused did not utilise the money for the stated business purposes, the officials said.

The accused "diverted" these funds through multiple accounts and entities, and as per police FIRs, on which the ED case is based, the total fraud is worth Rs 108.30 crore, said the officials. PTI NES KVK KVK

Dairy investment fraud probe triggers searches under anti money laundering law over alleged Rs108.3 crore fund diversion. Searches under the anti money laundering framework targeted premises linked to the promoter and professionals of two dairy and agro feed companies after police FIRs alleged that investor funds were solicited by false claims of high profitability and then diverted through multiple accounts and entities; the FIRs quantify the alleged diversion at Rs 108.30 crore and investigators are tracing asset flows and layering of proceeds.