Hyderabad: The Enforcement Directorate (ED) has seized six high-valued luxury cars and some incriminating documents after conducting raids on the residence and office of former union minister and Telugu Desam Party (TDP) leader YS Chowdary on Saturday.
According to officials of the ED, the searches were conducted in a case pertaining to Prevention of Money Laundering Act (PMLA) charges. The probe pertains to the investigation of a bank fraud of over Rs 6,000 crores by more than 120 shell companies controlled by Chowdary.
Earlier in the day, the Bank Security & Frauds Cell (BS&FC) of the Central Bureau of Investigation (CBI) had filed three FIRs against Chennai-based Best & Crompton Engineering Projects Ltd (BCEPL) for causing Rs 364 crore loss to three public sector banks in a fraudulent manner.
Based on the banks' complaints, the Enforcement Directorate (ED) had also conducted searches last month at residential and office premises of the key officials of BCEPL at Chennai, Bengaluru, and Hyderabad
The seized documents indicated that BCEPL, along with other group companies of Sujana Group, were allegedly functioning under the chairmanship of Chowdary.
