1000+ unique media and news posts every 24 hours…
Mumbai police receive death threats against Prime Minister Modi, suspect hails from Rajasthan
The Enforcement Directorate (ED) is reportedly investigating Dentsu Communications India in connection with an alleged money laundering case involving Rs 137 crore. The case also involves Suumaya Industries and several stockbrokers accused of manipulating stock prices through circular transactions.
Raids were reportedly conducted by the ED at 19 locations in Mumbai, Delhi and Gurugram. These raids uncovered Indian and foreign currencies, gold bars worth Rs 3.4 crore, and documents related to real estate transactions and digital devices. The investigation examines the role of these entities in artificially inflating sales and valuations.
The case revolves around Suumaya Industries, which has reportedly used circular trading to increase its turnover to Rs 5,000 crore. An FIR filed by Worli police accuses Suumaya Industries and Dentsu Communications Indiaand their promoters of participation in these activities. The ED’s findings suggest that the scheme involved creating fake invoices and transportation receipts to substantiate transactions.
The investigation has also raised questions about a Haryana government contract under the ‘Need to Feed’ program during the Covid-19 pandemic. Suumaya Industries claimed to have supplied agricultural products under this scheme, but the ED has found no evidence to substantiate these claims.
Dentsu India has issued a statement clarifying its position. According to the company, fraudulent activities were detected within the InDeed business unit in 2021. The company stated that these activities were carried out by third parties and former employees and that criminal complaints were filed against them at the time.
Dentsu India also reported that it proactively informed authorities three years ago and has been cooperating with the investigation since then. The company emphasized that the ED’s recent visit to its office in Mumbai did not result in the seizure of any properties.
Amid these developments, Dentsu India has announced the appointment of Abhirup Datta as CEO of its digital arm, Sokrati. The company has stated that it is continuing its operations and fully cooperating with authorities.
According to several media reports, ED is currently analyzing the evidence collected and investigating the transactions to determine the extent of any wrongdoing.
1000+ unique media and news posts every 24 hours…