https://www.taxtmi.com/news?id=52584 Allegations concern misappropriation of consortium bank loans during liquidation of a rice processing company, with the former managing director accused of manipulating auction processes to transfer company properties into numerous related shell entities, evading oversight. The Enforcement Directorate has invoked the Prevention of Money Laundering framework, effected arrest and custodial remand of a principal accused, conducted searches and seizures of assets described as proceeds of crime, and reported uncovering benami assets while continuing asset tracing to identify other persons involved. en-us Thu, 14 Aug 2025 22:16:03 +0530 Thu, 14 Aug 2025 22:16:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=52584 Allegations concern misappropriation of consortium bank loans during liquidation of a rice processing company, with the former managing director accused of manipulating auction processes to transfer company properties into numerous related shell entities, evading oversight. The Enforcement Directorate has invoked the Prevention of Money Laundering framework, effected arrest and custodial remand of a principal accused, conducted searches and seizures of assets described as proceeds of crime, and reported uncovering benami assets while continuing asset tracing to identify other persons involved. News - Thu, 14 Aug 2025 22:16:03 +0530 https://www.taxtmi.com/news?id=52584