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Pharma firm siphoned funds using shell companies: ED
The New Indian Express Tirunelveli
|September 05, 2025
INVESTIGATING the money laundering aspect of a ₹637-crore bank fraud case booked by the CBI against Chennai-based Arvind Remedies, the Enforcement Directorate (ED) on Thursday said in a release that the bank funds were allegedly siphoned off through shell entities which had dummy directors appointed by the promoter of the pharma firm.
ED conducted searches on Tuesday and Wednesday in Chennai, Kancheepuram, Goa, Kolkata and Mumbai in the PMLA case based on the FIR registered by the CBI. The CBI alleged that Arvind Remedies and its promoter Arvind B Shah had cheated a consortium of banks led by Punjab National Bank (PNB) of
This story is from the September 05, 2025 edition of The New Indian Express Tirunelveli.
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