The Enforcement Directorate (ED) on Thursday said that it had conducted search operations - under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, on December 28, 2023, at eight locations connected to Ravi Raman, promoter of R.R. Group, Chennai, and the Honorary Counsel to Mauritius.
The ED initiated investigation on the basis of an FIR registered by CCB-I, Chennai, against Ravi Raman and his wife, Shobhana Ravi, alleging cheating, forgery and criminal conspiracy under various sections of IPC, 1860, for swindling foreign funds and investments amounting to ₹117 crore received from Old Lane group.
ED investigation revealed that Ravi Raman has swindled funds amounting to ₹117 crore received from a foreign investor, Old Lane India Opportunities, in the form of FDI for the development of a tech park in Ambattur. Certain properties of group companies were kept as collateral/security in lieu of the funds received from the foreign investor and an irrevocable GPA was signed in favour of the foreign investor.
Moreover, Ravi Raman also allegedly filed a fake FIR on the basis of the pledged property documents being lost and, subsequently, sold the pledged properties by illegally cancelling the GPA.
The investigation further revealed that Ravi Raman siphoned off some of the funds during the period through his Singapore-based entity, R.R. Industries Singapore Pte Ltd., which was further invested in Indonesian coal mines along with Novem Coal Resources Pte Ltd. owned by his cousin.
During the search operations, around ₹74 lakh in unaccounted cash, a significant number of property deeds and documents having a value of more than ₹850 crore were seized.
Electronic devices and other documents of incriminating nature were also seized.
The investigation also revealed that R.R. Group received other foreign investments from foreign entities. Further investigation is under progress.
