The Enforcement Directorate Wednesday conducted searches at five locations in Pune in connection with a suspected financial fraud of over Rs 100 crore related to investments in the dairy sector.
Searches were conducted at the properties belonging to Anand Satish Lokhande, M/s Vidyanand Dairy Pvt Ltd and M/s Vidyanand Agro Feed Pvt Ltd and others.
The ED investigation is based on three FIRs registered in connection with the fraud. It is alleged that Lokhande and his family members defrauded various innocent investors through entities such as M/s Vidyanand Dairy Pvt Ltd, M/s Vidyanand Agro Feed Pvt Ltd, and others by projecting the business of these entities as highly profitable ventures generating substantial revenues from dairy operations, cattle feed trading, and milk procurement.
In one of the three FIRs that were registered by the police, it was alleged that Lokhande along with another family member would claim to be close to a political party and ask people to invest money. It was alleged that they were also being probed by the Mumbai Economic Offences Wing in connection with another case.
Relying on these representations, the complainants mainly based out of Mumbai and Pune, invested substantial amounts in various schemes related to the aforesaid activities. Sources said that some government officials too had lost money after investing in these ventures.
It is further alleged that after obtaining these funds, the accused did not utilize the money for the stated business purposes and instead diverted and circuitously routed the amounts through multiple accounts and entities. As per the FIRs, the total financial fraud committed is Rs 108.3 crore.