Mumbai: The Enforcement Directorate (ED) on Monday arrested commodity dealer and businessman Sudhanshu Dwivedi beneath the Prevention of Cash Laundering Act (PMLA), 2002, in reference to an ongoing investigation right into a Rs 96.68 crore commodity funding fraud. Dwivedi was produced earlier than the Particular PMLA courtroom, which granted ED custody of the accused till June 9.
The investigation started following an FIR registered by Mumbai Police in opposition to Dwivedi and others beneath varied provisions of the Bharatiya Nyaya Sanhita and the Arms Act, 1959.
In response to the ED, Dwivedi lured traders by promising excessive returns by way of commodity investments. Initially, he provided grains and different commodities to construct investor belief. Nonetheless, the deliveries have been abruptly stopped, and the collected funds have been siphoned off. Additional investigation revealed that the accused routed the proceeds by way of entities managed by his relations.
On Could 27, the ED carried out in depth searches at a number of places linked to Dwivedi and his associates. These raids led to the seizure and freezing of varied property.
